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22 Apr 2024
by Jonathan Watts-Lay

4 ways a financial coach can be the ultimate employee benefit

From building savings habits to preparing for retirement, financial coaching could be the best thing that ever happened to employees’ finances

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In recent years, financial coaching has emerged as a powerful service that helps improve employee financial wellbeing.

It is designed to offer bespoke financial education and guidance to help people feel more confident with money and make smarter financial decisions.

In fact, workplace financial coaching is set for major growth – 12% of employers currently offer it but 41% plan to do so within the next couple of years – a 241% increase. But what are the real benefits?

4 ways a financial coach can help your employees.

1. Building a positive savings habit

Building new habits can be difficult, especially when it comes to money.

A financial coach can help employees navigate challenges such as managing a budget and help them establish and stick to positive money habits. 

They can help employees recognise unhelpful patterns and reinforce positive savings habits and enable them to be more considered about spending.

2. Putting a financial plan together

It has always been a challenge to convince employees why they should consider putting aside money for an emergency or engage in their pension.

Not only can a financial coach explain the value of an emergency fund, but they can also show how achievable it is to set up and how it will make employees more resilient to unexpected events, if for example, the car breaks down or they face redundancy. 

A financial coach can also explain how compound interest can make small savings or pension contributions grow over time and help people meet future goals such as buying a house.

3. Preparing for retirement

One of the most crucial elements of employee financial wellbeing is retirement preparation.

Our research found 33% of employees think they won’t ever be able to afford to retire at all due to increasing costs.

A financial coach can help employees understand how to make retirement affordable and achievable. Not only this, but financial coaches can also help employees realise all the options available at the point of retirement.

4. Driving action

Coaching can help people get a firmer understanding of their financial position, so that they can take steps to improve it.

This could include increasing pension contributions, reducing debt or saving tax. A coach can also be a gateway to regulated advice for those who would benefit from it, as they can help employees recognise all the complex things they need to understand about their finances.

Jonathan Watts-Lay, Director, WEALTH at work, says: “An increasing number of employers are turning to specialist workplace financial wellbeing service providers to help individuals build their financial knowledge and improve their financial wellbeing throughout their career.

“Taking an active approach and supporting employees by providing financial education and guidance through financial coaches can, in turn, lead to a more financially resilient workforce, which is a win-win for all.”

In partnership with WEALTH at work

WEALTH at work is a leading financial wellbeing and retirement specialist - helping those in the workplace to improve their financial future.

Contact us today