Research: Aon Global Financial Wellbeing Study
This study considers how multinational companies are forming part of the emerging financial wellbeing landscape. It reveals what makes up the financial wellbeing landscape at the moment and how this is likely to develop in the near future. The study also reveals employees’ current and future expectations of how their employer can support them in this area.
- Wellbeing strategies are ahead of financial wellbeing among organisations of all types: 34 per cent have a wellbeing strategy, while just 14 per cent of respondents report having a financial wellbeing strategy.
- In three years, the gap between wellbeing and financial wellbeing is expected to close. 75 per cent plan to have a wellbeing strategy and 66 per cent will have financial wellbeing.
- A large number of employers are seeing smart financial choices and debt management as areas where they need to be involved with education or low cost solutions.
- Financial wellbeing programmes are inconsistent globally – two-thirds offer financial wellbeing initiatives in a quarter or less of their operating countries.
- 80 per cent of respondents are not monitoring the impact of the programmes they put in place; and most communicate about programmes through email and company intranet/ benefits portals.
- 77 per cent of employers believe that financial wellbeing will become a higher priority in the next three years, while more than 60 per cent of multinationals will be providing financial education, retirement workshops and voluntary benefit options in the next one to three years.
Nearly 200 large multinationals took part in Aon’s study, which gives an insight into what companies are already doing and planning to do in the financial wellbeing field.