30 May 2024

Isio insights: Back to school

Isio’s fifth report into maximising value from employee benefits looks at financial confidence and how it can be improved

Isio’s research reveals eye-opening insight into the UK workforce’s attitudes towards work, finances, moving jobs and employee benefits. It aims to help employers, particularly senior HR leaders, understand how their organisations can maximise value from their benefits packages and even harness the benefit package to address staff turnover challenges.

This fifth report of eight from Isio asks whether you know how your employees currently make financial decisions? And where would they appreciate additional support and what would that look like?

Key findings include:

Half of people rely on non-professional routes of information when making major financial decisions.
Our previous papers showed that increased financial confidence and understanding was linked to improved engagement and lower employee turnover.
Employers have an opportunity to provide this missing support and to help employees engage with their finances.
Care must be taken with employees’ sensitive information. Financial coaching could help with this, and this was welcomed by those who most need it.

In conjunction with YouGov, Isio surveyed 7,674 private sector employees in June 2023 on a range of issues surrounding employee benefits and personal finance concerns. Responses for don’t know or prefer not to say answers have been removed, unless explicitly shown.