How technology can help support employees’ financial resilience
Global instability has led to a distrust of financial institutions and governments, leaving a gap for employers to provide employees with the financial empowerment they need to manage their money during times of financial stress.
Financial resilience gives employees the ability to overcome unexpected events that temporarily impact their income. Fortunately, advances in technology are making financial wellbeing more achievable, personalised, and dynamic – so it’s easier to support a global workforce and build their financial resilience.
Technology can provide a personalised experience
The ability to personalise employee communications and recommendations at scale keeps employees engaged.
A financial health check-up helps them see where they’re thriving and where there’s room for improvement - from saving to learning and planning.
After completing a short questionnaire, they will get an instant score with a plan of recommended financial education stories and articles, based on their knowledge gaps. Employees can be encouraged to retake the check-up later, so they can see how their financial health has improved over time.
Technology is available that uses behavioural psychology to encourage employee action; notifications alert people to act on changes in their individual employee benefits and finances. This is a key part of learning to be financially resilient.
Financial support in your back pocket
With global mobility growing, having an online financial wellbeing solution allows a workforce to stay up to date with the latest in personal finance, no matter where they are. This also allows employers to provide a consistent experience across the globe – ensuring expats, local and international employees have access to financial education most relevant to them.
A platform that allows users to easily switch between countries ensures employees are supported if they move or take a secondment to a new region.
Inclusive content and design
The benefits of financial education are clear, but not all resources are created equal.
New research shows that only 51% of women are content with their financial situation compared with 75% of men. Women tend to have lower confidence about making financial decisions. By using impartial education and technology to underpin your financial wellbeing strategy, employers can provide resources and tools that are completely inclusive.
Advances in accessibility technology are also allowing content creation to better meet the needs of individuals with a wide range of requirements.
Technology is quickly making it easier, faster and more scalable to create an engaging financial wellbeing programme to support employees with their financial wellbeing. To learn more about how to support their financial resilience with technology, download Nudge’s latest research report Can we connect?
Supplied by REBA Associate Member, Nudge
A leading financial wellbeing benefit using behavioural science & technology to help employees.
