How to create a multigenerational financial wellbeing strategy that works
There are five generations in the workplace, all at different life stages.
So, how can we create a financial wellbeing strategy that supports everyone?
Understand the financial needs of your employees
There’s an assumption that the younger an employee is, the more financial education and support they need.
However, Pluxee UK’s Money Mastery research revealed that 30% of 18-24-year-olds rated their financial knowledge and literacy as excellent compared to 16% of those aged 45-54.
Their research also found that 21% of respondents aged 18-24 rated their financial wellbeing as excellent compared to 11% in the 45-54 age group.
These numbers could reflect that those in the older age group are more likely to have more significant debts, such as mortgages and finance.
However, as Pluxee explores in their article, Welcoming the Younger Generation to the Workplace, many graduates join the workplace with huge student debts, with UK graduates owing the largest student debts in the developed world.
The results make one thing clear: we can’t assume we know each generation's needs or that each individual within that generation has the same needs.
Design programmes that cater to all life stages
While we cannot generalise, there are life stages that impact some generations more than others.
For example, employers tend to target healthcare, pensions, and retirement planning communications to the older generations approaching these stages.
The truth is, it’s never too early to plan for the future, so ensure that every employee has the opportunity to participate in financial education workshops that cover:
- Budget management.
- Debt management.
- Pension and retirement planning.
- Savings and ISAs.
- Where to turn for debt support.
- Ways to make life more affordable, including how to make the most of their employee benefits package.
Personalised financial planning support
Go beyond basic training. Consider the next steps for those who wish to learn more, ensuring they have access to:- Financial advisors: Offer employees access to financial planners who can help create customised financial plans based on age, life stage, and financial situation
- Digital financial tools: Provide apps or platforms that allow employees to track their financial health, set goals, and receive tailored advice.Inclusive communication
Customise the messaging based on the employee’s age or financial stage. Use multiple channels (email, intranet, mobile apps).
Targeted campaigns also make an impact, addressing specific needs and ensuring the aim is clear, such as a ‘Stretch Your Salary’ campaign like Pluxee UK ran.
A ‘Save for Your Future’ campaign makes the aim clear, and those interested at that time can get involved and take away what they need.
Review and evolve
The economy fluctuates and needs change, so your financial wellbeing strategy must be flexible.
- Surveys and feedback: Regularly survey employees to understand their financial wellbeing needs and adjust the program based on their feedback.
- Monitor participation: Track participation rates in financial wellness initiatives and retirement plans to ensure the strategy meets its goals across all demographics.
A successful financial wellbeing strategy must be flexible and comprehensive, addressing the unique financial needs of both young and older employees.
By offering tailored education, personalised planning tools, and robust retirement and healthcare benefits, companies can create a culture of financial wellness that supports their entire workforce throughout their careers.
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.
