7 essential benefits for multi-generational financial wellbeing
Developing a multi-generational financial wellbeing strategy has become a top priority for organisations in today's climate. With employees of different ages and at different stages of life facing financial challenges, an holistic approach can help employers support employees’ financial health and overall wellbeing.
1. Financial education
An essential ingredient of a successful multi-generational financial wellbeing strategy is financial education.
Many employees lack basic knowledge of personal finance, budgeting, saving and investing. Providing them with educational resources and tools can help them make informed financial decisions, manage their money effectively and improve their financial wellbeing.
This could include workshops, webinars, online courses, and other resources catering to employees' different learning styles and preferences.
A Financial wellbeing app would allow employees to access wage withdrawals ahead of payday, track their earnings as they work, build up savings direct from their pay, chat with qualified financial coaches, check their financial health score and more.
2. Retirement planning
Another essential component of a multi-generational financial wellbeing strategy is retirement planning. Offering retirement planning resources and tools that cater to the needs of different generations can help employees get ready for retirement and achieve their retirement goals.
For younger employees, this could include guidance on saving for retirement early. For older employees, it could involve strategies to maximise retirement savings and pension pots.
3. Debt consolidation
Supporting employees in debt is also crucial. When debt is at its most dangerous, people risk being buried by multiple creditors chasing them for payments. Debt consolidation helps people combine their debts into one manageable payment, often with substantially less interest, minimising money worries, making everything easier to cope with and helping them pay off debts faster.
4. Financial coaches
Financial wellness coaches can work with employees to create personalised financial plans, set financial goals, and develop strategies to achieve them. Breaking down their goals and seeing results also helps to reduce employees’ financial anxiety and nurture a generation of savers.
5. Salary-stretching employee benefits
Financial wellbeing benefits should support employees struggling with the rising cost of living. Offering benefits such as an employee discounts platform or an employee cashback card can significantly affect your employees’ financial burdens by reducing the cost of everyday living.
You can even help employees set up a savings plan via a salary sacrifice scheme, ensuring some of their monthly wage goes towards their future.
6. Communication and engagement
Once you establish a financial wellbeing strategy, you must continue to promote it, encouraging employees to take advantage of the benefits. Create employee benefits ‘super users’ and train financial first aiders who will always to be open to provide support.
7. Support mental wellbeing
An ONS study into financial anxiety in adults revealed that 82% of interviewees in the 30 to 49 age group felt either ‘somewhat’ or ‘very worried’ about the rising cost of living.
You can give employees a safe space to turn to when you embed an employee assistance programme (EAP) into your business. As well as including financial wellbeing features, EAPs provide people with access to counsellors, ensuring there’s support available whenever they need professional and confidential help.
Ultimately, to be inclusive and multi-generational, a financial wellbeing strategy needs to focus on employees’ needs now and in the years ahead. Ensure you’re ready to meet their changing needs and empower them to help themselves.
In partnership with Pluxee UK
Pluxee UK, is a leading employee benefits and engagement partner that opens up a world of opportunities to help people enjoy more of what really matters in their lives.
