06 May 2021

The Future of Financial Wellbeing Survey 2021

This report from Willis Towers Watson shows how employers are reacting to the workplace changes brought on by the pandemic. Employers are turning their attention to financial wellbeing, investigating how it fits into existing wellbeing initiatives and reviewing benefit packages to help employees improve their financial situation.

Key findings

Financial wellbeing strategy: Many organisations aim to reflect financial needs in their wider wellbeing agenda, but recognise that they need to step back and develop a coherent strategy.
Design & delivery: Organisations are looking to expand the savings options they offer employees; selecting appropriate providers is more important than having a bundled solution.
Decision support: Organisations plan to provide more customised support to employees, via a mix of technology solutions and human interaction. At-retirement support remains a priority.
Measurement: Understanding the employee view and measuring the success of programmes are key areas of focus for employers, including direct feedback from employees and data analytics.
Financing: Many organisations are willing to increase spending to fund financial wellbeing programmes. Despite the challenges, allowing employees flexibility is also of interest.

The survey was conducted during February and March 2021. It includes over 170 responses of organisations across different industries in the UK. Around half of respondents are from large organisations, with more than 70% having more than 1,000 employees.