Spend on financial wellbeing initiatives set to increase significantly, finds REBA research
Financial wellbeing strategies look set to be one of the key benefits areas that get the greatest attention in the next few years.
REBA’s Benefits Design Research 2024 found that almost four in 10 respondents (38%) state that their financial wellbeing initiatives need urgent attention, while the same proportion plan to introduce initiatives or increase spending in this area during 2024-25.
With employees facing pressures from housing costs and student loans through to debt and inadequate retirement savings, employers are investing to tackle these challenges in order to retain, recruit and engage.
This builds on findings from REBA’s Financial Wellbeing Research 2023, which revealed that 74% of employers plan to join up their financial wellbeing benefits in the next two years.
As many as 31% of the current research’s respondents have already committed to a large-scale strategic transformation project to address financial wellbeing during 2024-25.
This investment in benefits will help improve employees’ financial literacy, while also supporting employers to retain, recruit and engage as well as improve wellbeing.
