Financial wellbeing is an important consideration for employers when designing a wellbeing strategy. Worrying about money affects all employees, no matter their age or wealth levels.
The benefits of adding financial wellbeing for individuals is clear but there are also benefits for employers; less worry equals higher engagement, less absence and happier, more focused and more productive employees.
Financial education programmes provide a great way to improve financial wellbeing.
Just 24% of employers offer some, or all, of their employees financial wellbeing support, according to the Employee Benefits/Close Brothers Pensions research 2015. The wider variety of options now available to employees, however, may mean that more now require some support from their employer. Although 42% of the 145 respondents do not include financial support in their wellbeing strategy, the proportion of employers that do so may well increase, with approximately a third of respondents (32%) currently reviewing this or putting plans in place.