Why employers need to offer tax education to carers
It's no secret that when people have control over their money, they’re more likely to feel more secure and experience greater wellbeing.
Our global financial wellbeing report found that 55% of people worldwide have the most basic aspirations with regard to money – they simply want enough to pay their bills.
This number underpins the widespread lack of control that many feel in relation to money. In fact, 70% of people globally, feel anxious about their financial situation.
Army of UK carers
To achieve financial wellbeing for all, we must consider those in caregiving roles. It’s estimated that there are 6.5 million carers in the UK.
Caring will touch each and every one of us in our lifetime, whether we become a carer or need care ourselves. While caring can be a rewarding experience, it can also have a huge impact on a person’s health, finances, and relationships.
Many unpaid carers may not think of themselves as having caring responsibilities but, even so, help is available.
Helps people feel more in control
Depending on how many hours you spend caring for someone, you may be entitled to claim a range of social welfare benefits, tax credits and discounts, including carer’s allowance, carer’s credit, carer premium, pension credit, local welfare assistance and much more.
By including tax education as part of financial education programmes, organisations can ensure employees in care roles have the tools and information they need to make the most of their extra responsibilities.
Employees want to feel like they have the power and the knowledge to take control of their finances in times of need. Employers are in a unique position to provide the kind of financial education that can change their employees’ lives and those of the people they care for.
Empowering employees
Impartial financial education can empower employees to make sound decisions with money and contribute to their holistic health. This is a benefit that is relevant to people at all income levels and whether they have caring responsibilities or not.
Once they launch a financial education strategy, employers can view engagement data to understand the true wants, needs and interests of their employees and react accordingly, making data-driven decisions and include things like tax education or more carer benefit education.
The foundation of a brighter future
A financial wellness programme that includes tax education is the future of employee benefits and your employees whose work does not necessarily stop when they leave the office will feel much more connected to their employers.
Without education, people do not have the knowledge that forms a stable foundation to build and grow a brighter future.
Interested in learning more about Nudge? Get in touch.
Supplied by REBA Associate Member, Nudge
A leading financial wellbeing benefit using behavioural science & technology to help employees.
