As the cost of living increases and disposable income continues to be squeezed, it’s critical that employers take a role in helping employees stretch their salaries and manage their financial wellbeing.
It’s worrying, then, that only 16 per cent of employees say that their company has a financial wellbeing solution and just under half of employees don’t agree that their company shows they care about employee’s mental, physical, and financial wellbeing. Furthermore 7 in 10 workers admit they have felt stress or financial strain in the last five years, and half feel their company could do more to show they care about their financial, physical and mental wellbeing.
Debra Corey, Reward Gateway’s Global Reward Director, said: “Employers need an engaged workforce to succeed, and a key part of achieving this comes in supporting employees with their wellbeing. While good headway has already been made with mental and physical wellbeing, our data has found a gap in financial wellbeing support, which is more prevalent than ever with the cost of living rising and disposable income decreasing.
“As an employer, you can help your employees get through some of the tougher financial times by finding creative ways to extend their disposable income and putting more money back in their wallets. Last year, our clients’ employees saved £174.3 million through benefits such as supermarket and retailer discounts, subsidised gym memberships, salary deductions, childcare vouchers, cycle-to-work schemes and more.”
Jasmine Birtles, financial expert and founder of MoneyMagpie, said: ‘A lack of financial knowledge, and the problems this causes in terms of debt, lack of savings and chaotic home lives can (and usually does) impact employee performance at work.
“Crucially, employers that take a proactive approach to the financial wellbeing of its employees, will see remarkably different fortunes in 2018 to those that don’t. This is why I’ve teamed up with Reward Gateway to provide a starting-point eBook to help to ensure that they can be prepared and support employees that may be struggling with their financial wellbeing.”
