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24 May 2023
by Neil Hugh

4 tips for supporting employees’ financial wellbeing – survey

With financial wellbeing levels at a low point, offering tailored support to employees is even more important

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Supporting employees’ financial wellbeing is becoming a top priority. In fact, according to Standard Life’s annual employer survey, nine in 10 employers say that having a financial wellbeing strategy is important to them.

Standard Life’s Retirement Voice 2022 research also revealed that:

  • Just 41% of people feel positive about their finances
  • 25% are finding their current financial situation ‘difficult’ or ‘very difficult’
  • Confidence in making financial decisions has dropped to 59%, down from 63% in 2021

While having a financial wellbeing strategy is important, it’s putting your strategy into practice that will make a real difference to your employees.

It’s also vital to understand the different ways that employees are affected by financial worry. For example, an employee approaching retirement will have different concerns to someone who’s saving for their first home. So tailoring the support to reflect what matters to your employees is essential.

With that in mind, here are four tips to support your employees’ financial wellbeing – whatever their life stage or financial challenge.

Four financial wellbeing tips to support employees

1. Improve signposting

Do your employees know where to find information and support?

If not, look at ways to improve signposting to your financial wellbeing solutions. You could create a communications campaign, such as regular newsletters that remind employees where they can turn to for help.

Point people towards external support too, such as government cost-of-living support, charities, and advice services. These can provide further help and support to employees who may be struggling.

2. Support first-time buyers

Buying a home is a significant life event that can have a major impact on employees’ finances. There’s also the added challenge of navigating the complex homebuying process. It’s no wonder that moving house is often seen as being one of the most stressful events of a person’s life.

As an employer, you can help by offering support that aims to reduce the stress triggered by the upheaval of buying a house.

Your employee assistance programme (EAP), for example, could provide useful wellbeing tools and resources to help employees make informed financial decisions and feel more in control of their money. This could, in turn, help them reach their goals and alleviate any anxiety.

3. Encourage money talk

Standard Life’s Retirement Voice 2022 research showed that people are tightening their budgets in response to the cost-of-living crisis, with almost half (49%) saying they’re cutting everyday spending.

Not only that, rising inflation has also led to Bank of England interest rate rises since December 2021. For employees with mortgages, loans, or credit cards, these rises could further squeeze their budgets.

Talking about financial concerns could help ease this pressure. In fact, according to the Money and Pensions Service, people who talk about money feel less stressed or anxious and more in control. As an employer, you can help by creating a supportive work environment that normalises conversations about money at work.

4. Help employees find lost pensions

It can be difficult to keep track of your pension pots, especially if you’ve had a few jobs over the years. This can rear its head for employees who are preparing for retirement or looking to get their pension savings in order.

Help employees find lost pensions by guiding them towards resources that will help track them down. The Government’s Pension Tracing Service is a good place to start. With figures showing that there is over £19bn in lost or forgotten pension pots, it’s worthwhile for your employees to check if they have any old pots floating around.

For more insights on financial wellbeing, including resources on how you can help support your employees, visit Standard Life’s Financial Wellbeing hub.

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In partnership with Standard Life

Standard Life are part of Phoenix Group, the UK’s largest long-term savings and retirement business. We both share an aligned ambition to help every customer enjoy a life full of possibilities.

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