How a financial education strategy can help employees plan and save for the future
There’s no better time than now to introduce a financial education strategy that will help your employees plan and save for the future. Our research shows that 22% of people do not have a financial plan in place for later life. And 74% of people rely on family to learn money management. What’s more, four out of 10 people rely on risky, unregulated financial education that can confuse or mislead.
Your people need your help
Employees are looking for help, but only 35% of HR leaders have a strategy in place for the financial wellbeing of their people.
We know that financial education isn’t part of the typical employee experience. In fact, 59% of people globally say that their employer doesn’t communicate with them regularly about how to improve their financial wellbeing. This means that employers don’t talk with their employees about topics like budgeting, saving and investing. In addition, beyond the traditional benefits, companies are more likely to thrive when their employees aren’t worrying about money.
People can achieve their goals with financial education
By placing impartial financial education at the centre of a benefits strategy, organisations can ensure employees have the tools they need to thrive.
Our research shows that financial anxiety doesn’t stop people from dreaming. Half of those surveyed globally said they hope to save enough money to own a home, while 59% said they feel hopeful about their financial situation. This is because everyone, no matter their income, has financial goals.
Employees want to feel like they have the power and the knowledge to make their dreams a reality - whether it’s buying a home, going on vacation, or saving for the future. And employers are in a unique position to provide the kind of financial education that can change their employees' lives.
Financial education is the foundation to build a brighter future
As businesses look to create brighter horizons in a post-pandemic era, retaining quality employees will play a large part in the success of tomorrow. A strong financial education strategy is the future of employee benefits. Without education, people do not have the knowledge that forms a stable foundation to build and grow a brighter future.
By underpinning your strategy with financial education, not only will your employees feel more productive, but employees who receive financial education are 23% more likely to stay with their employer.
In partnership with Nudge
A leading financial wellbeing benefit using behavioural science & technology to help employees.
