How to support employee financial wellbeing in cost-of-living crisis
During the current difficult economic times, many employers are looking for ways to ease the financial burden placed on employees by the cost-of-living crisis.
WEALTH at Work director Jonathan Watts-Lay says business leaders are recognising that supporting employees with their financial wellbeing is an integral part of creating a healthy workplace.
He says: “We have worked alongside many employers to provide specialised cost-of-living financial education to more than 3,600 employees so far. These cover a range of topics such as how to budget, what government support is available, how to reduce costs and ways to manage debt.
“We have also found that our one-to-one financial guidance sessions and digital tools including the Financial Healthcheck can really help with these topics and signpost people to support.”
The importance of support
Watts-Lay says this support is invaluable in helping employees navigate their finances during such turbulent times, but also with providing them with skills and knowhow that they can use long-term.
In some cases employees are asking for pay increases, but that alone may not solve all their financial wellbeing worries.
Often, employees benefit from support from their employer on how to save costs on a day-to-day basis by using workplace benefits.
Watts-Lay says this may include discount schemes (eg money off grocery shopping), help with financial planning including debt support, and salary sacrifice schemes to help reduce costs for travel, mobile phones, gym passes and health and dental care.
He adds: “There are also other savings that employees may not yet have thought of that may seem small but can add up. These include checking all outgoings and cancelling unused subscriptions or memberships, shopping around for better deals on insurance at renewal, such as car and household cover, as well as broadband and mobile suppliers and switching brands on their regular shop.”
With rising energy costs a big concern it can also help to avoid using tumble dryers, make the most of smart heating, more efficient light bulbs and finding cheaper ways of cooking such as using a slow cooker can all help.
Watts-Lay adds: “Financial education and one-to-one guidance sessions in the workplace is key to helping employees realise all of this and build their financial resilience.”
In partnership with WEALTH at work
WEALTH at work is a leading financial wellbeing and retirement specialist - helping those in the workplace to improve their financial future.
