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07 Jun 2022

Four top tips for helping teach younger employees to become more financially resilient

Support your employees with tools and knowledge to teach them to best manage their money

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Young, high-earning employees feel more connected to their employer when receiving financial education benefits, new research by Nudge has revealed. The survey also showed that these employees (aged 16 to 34 and earning $92,000 or more per annum) are 80% more likely to trust their employers, compared with those who do not receive financial education benefits.

The impact financial wellbeing has on the relationship between the younger workforce and their employers is clear – but how do you ensure your strategy is suitable? We’ve outlined four top tips for building a programme to meet the needs of younger employees.

1 Keep it current

It’s almost impossible to read the news and not be faced with anxiety-inducing headlines on student debt, inflation and the increased difficulty for young people to step onto the property ladder. While businesses can’t control macroeconomic factors that cause financial and emotional stress, you can support your employees with tools and knowledge to help them to best manage their money and build resilience during difficult times.

By breaking down the headlines with bite-sized personal finance articles on relevant, factual topics most relevant to young earners, you can ensure your employees are not missing a beat. Content that is timely and concise, with clear takeaways and next steps will encourage action and set your people on the path to a bright financial future.

2 Make it mobile

According to a survey by GOBankingRates, 39% of 18-24 year-olds cited social media outlets as their primary source of financial knowledge. By providing a mobile-friendly financial education benefit, you can intercept misinformation and provide an impartial resource that’s free from ‘finfluencers’ and sponsored content.

Mobile-friendly financial education also allows content to be quickly shared with friends and family via WhatsApp, Messenger or email and ensures content is accessible on the go and from anywhere in world.

3 Customize communications

If your wellbeing programme is underpinned by technology, you’ll have access to unique data insights into your employee’s financial wants and needs. This will allow you to see if your

employee benefit offering is meeting their requirements or where there might be gaps.

Technology allows you to personalise communications related to individuals’ goals and signpost selected resources to fill any gaps in their knowledge. A personalised approach is proven to improve engagement, which will in turn build users’ trust, as well as confidence and skills to invest, save or simply manage their personal finances.

4 Encourage action

When there’s something your people need to know, or a personal finance action they ought to take, make sure they are informed in the moment via Whatsapp, email, or their preferred channel. By automatically notifying your employees of changes, you can help them prepare for the impact this might have on their finances.

If these notifications link to interactive tools, your people can clearly see the tangible impact their student loan, pension plan or side hustle will have on both their monthly budget and future savings, and they will be more inclined to take action.

Combining personalised financial education and step-by-step guides with calculators, interactive budget planners, saving plans and trackers creates the opportunity for employees to learn how to control the things that are within their power: economising, growing money through investment and increasing savings, so they can achieve those milestone life moments. Whether that’s preparing for a baby, shoring up an emergency fund or planning a big-ticket purchase.

Research shows that young people are 53% more likely to feel connected with their employer when they receive financial education benefits. So grasp the opportunity to engage your younger employees and empower them to take control of their money with impartial financial education.

To dive deeper into the research on young, high-earners, download our 2022 global financial wellbeing research.

In partnership with Nudge

A leading financial wellbeing benefit using behavioural science & technology to help employees.

Contact us today