The power of financial education: how UCB employees are securing their futures
Retirement planning can often feel daunting, especially when it comes to making decisions about how to best utilize bonuses and savings.
Pharmaceutical company UCB, which has more than 850 employees, recognised this challenge and sought to empower its workforce to make informed financial decisions.
Its solution was to implement a targeted financial education campaign in collaboration with its financial wellbeing partner nudge.
The challenge
UCB faced the challenge of promoting its bonus sacrifice scheme, a programme that allows employees to contribute their bonuses directly to their retirement funds, thereby reducing their taxable income.
While the benefits of such a scheme are significant, they aren’t always immediately clear to employees.
UCB’s goal was to increase awareness and uptake of the program, ensuring employees understood how bonus sacrifice could positively impact their financial future.
The innovative solution
To address this challenge, UCB and nudge developed a comprehensive communications campaign that revolved around personalised, impartial financial education.
The campaign aimed to:
- Educate employees on the advantages of the scheme and its potential impact on their retirement savings
- Simplify complex financial concepts so that employees from all backgrounds can easily understand the benefits of the scheme
- Encourage active participation by making opting into the bonus sacrifice scheme as seamless and user-friendly as possible
The strategy centered on delivering the right information at the right time, in three key ways:
- Financial education: Interactive, step-by-step education is provided to employees, helping them understand how the scheme could fit into their future financial plans.
- Bite-sized posts: Delivered clear and concise information on the scheme, tailored to each employee’s circumstances.
- Personalised communications: ‘nudges’ were sent through employees’ preferred channels, prompting them to engage with the scheme and make informed decisions.
By linking directly to UCB’s platform and providing step-by-step instructions, employees were guided through the process of opting into the scheme, making it easier than ever to take advantage of this opportunity.
The outcomes: a record-breaking success
The results of the campaign were extraordinary:
- 250 employees actively engaged with communications
- 68% of engaged employees chose to favor the scheme, a record-breaking figure
- £2,000,000 was voluntarily sacrificed by UCB employees, leading to over £300,000 in tax savings
These figures highlight the campaign's success in not only increasing awareness but also in driving significant action among employees.
The campaign’s impact has been so profound that over 80% of UCB’s workforce now regularly engages in financial education, spanning various topics and catering to a diverse range of ages and salary levels.
A lasting impact
The success of UCB’s financial education demonstrates the power of personalised communication and the importance of making financial education accessible to all.
By equipping employees with the knowledge and tools they need to make informed decisions, UCB has not only enhanced the financial wellbeing of its workforce but has also laid the groundwork for a more secure future for its employees.
"The impact of our campaign with nudge has exceeded all expectations, delivering clear and tangible results that truly speak for themselves,” said Nadia Goodman, talent project partner at UCB.
“These remarkable achievements have successfully created a lasting and impactful educational experience for our employees that will continue to make a difference for years to come."
UCB’s approach serves as a powerful example of how companies can play a pivotal role in helping their employees plan for retirement, ensuring that they have the confidence and knowledge to make decisions that will benefit them for years to come.
Read more stories from nudge’s client community.
In partnership with Nudge
A leading financial wellbeing benefit using behavioural science & technology to help employees.
