Top tips for improving workplace financial education
Building employee resilience to global issues is critical for organisations if they want to reduce employee financial stress.
Latest research found that 70% of people feel anxious about their finances and 88% of people are worried about inflation, with rising interest rates, soaring energy prices and volatile stock markets.
There is no better time to improve and adapt your workplace financial education strategy to support your employees. A review of workplace financial education strategy can improve the wellbeing and, in turn, productivity of your workforce.
Here are five top tips:
1. Make sure your employees know there is a strategy
Employees may know they have access to health care, or a discounted gym membership, or even days off for their mental health – but they may not know that there are strategies in place to encourage them to build upon their financial literacy.
Most employees don’t know that they have access to financial education benefits. What’s more, employees who don’t have access to these tools say that they would use them if they did.
2. Keep it impartial
As an employer, sharing advice is risky as it’s often tied into products and services – so the intention may be misplaced. The fear is that there’s a conflict between ‘trusted’ advice and the underlining adviser model. This is where impartial education comes in.
Impartial financial education is one that is not linked to any financial product or service. With no hidden agenda or conflicts, the provider doesn’t depend on making a sale.
As a result, a programme’s financial advice won’t direct users to products that may or may not be right for them. This may help your employees respond better to your financial education strategy.
3. Encourage senior managers to share their involvement
CEOs are in a great position to lead by example when it comes to participation in your organisation’s financial education strategy. Encouraging them to be a part of the conversation will go a long way in helping to remove the stigmas and taboos around money.
Financial wellness isn’t dictated by income. Those on higher salaries are just as likely - in many cases more likely - to experience money-related stress. Hearing other people’s stories and experiences creates a culture of shared openness, especially if it’s transmitting the message that learning how to improve financial capability, is a great step.
4. Host financial wellbeing programme events and initiatives
A good way to adjust your financial education strategy is to incorporate creative initiatives and interactive events to engage employees. Maybe set aside a day of the week for this — Money Monday’s anyone?
Brainstorm the kinds of financial wellness programme ideas that resonate with the workforce. Then bring in advocates and experts for talks, coaching, and collaborative workshops.
A focus on building skills and knowledge that’s underpinned by education can help equip people with the tools they need.
5. Effective communication is the way forward
Tailored and focused communication of a financial education strategy is essential.
Too many generic pings and pop-ups will go ignored. Financial wellness communications triggered by key life events or financial anniversaries are incredibly helpful, providing the team with information they need at exactly the right time.
Ensure resources are accessible via mobile. Consider Slack, WhatsApp or an app for these tailored notifications, so that information is accessible anytime, anywhere.
In partnership with Nudge
A leading financial wellbeing benefit using behavioural science & technology to help employees.
