Video tutorial: What should a fully rounded financial wellness strategy include?

Financial wellbeing is the poor cousin of the three main streams of wellbeing, according to James Biggs, consulting and wellbeing director at Lorica.

Speaking at the REBA Reward Leaders’ Forum 2018 he said that financial wellness in the UK is a problem that has to improve and that better financial education was key to that.

He outlined to delegates what they should look for in a good financial wellbeing provider and said it included a number of elements. Providers should listen and understand how and where a financial wellbeing strategy will fit within a business, should create something that is fun and help put together a big idea or strategy that everyone in the organisation concerned can and will get behind, said Biggs.

He said online and robo-advice had their role within a fully rounded financial wellness strategy. “I don’t think it’s always robo and online advice as an option and I don’t think it’s never either. It depends,” he said.

“I can’t see any harm in it being part of your well-rounded financial wellbeing strategy but I’m more worried about the who,” he said.

Getting financial wellbeing partners to work collaboratively is another crucial part of the equation but is also the $64,000 question he said. “It’s the third pillar but it’s a very poor cousin,” he said.

Biggs said that organisations should force their providers to work better together in order to create a more well-rounded financial wellbeing strategy. “Have a really good look at what’s out there and put them in a room and make them work collaboratively,” said Biggs.

“What’s really clear is the issue is budget. For it to work you need CEO and board level support,” said Biggs.

This video was recorded at the REBA Reward Leaders’ Forum 2018 in London on 18 April 2018.