Financial wellbeing moving up employers’ priority lists

financial well being

The research found that 59 per cent of firms who have a staff wellbeing strategy now specifically include a financial wellbeing strategy. A further 19 per cent are considering arranging one.

This is an improvement from CBAM’s last Business Barometer where 46 per cent of all businesses with wellbeing strategies had provision for financial wellbeing for their employees.

The provision for financial wellbeing also varies by industry. Services come out on top, with 70 per cent of businesses with staff wellbeing strategies offering financial wellbeing. 68 per cent of manufacturing firms doing so, but only 49 per cent of public sector companies including this.

When providing financial wellbeing, financial education is the most popular route. 29 per cent have a financial wellbeing strategy in place via their financial education programme, 16 per cent via their debt counselling service/employee assistance programme and 14 per cent through a financial adviser.

In terms of overall wellbeing strategies, more than half of businesses are set to have a something in place; 35 per cent of businesses already have one, and a further 18 per cent are in the process of arranging one.

Jeanette Makings, Head of Financial Education at Close Brothers, said: “Staff wellbeing strategies are on the rise, as companies consider how best to increase engagement and boost productivity and retention. As part of overall wellbeing, we are also now seeing an increase in, financial wellbeing. With so many changes to the personal finance landscape, employers play a pivotal role in supporting their employees’ financial wellbeing and there are several ways they can provide this. Whether it is via seminars, online resources, tools and case studies, webinars and podcasts or one to one sessions financial education that focuses on overall financial wellbeing, not just pensions or debt with access to one to one guidance and advice is the best way to help employees to improve their financial wellbeing immediately and for the future.

“Employers who recognise the role they can play in supporting staff with the many and complex financial choices they now facewill benefit from more financially secure staff who make well-informed decisions and who as a consequence will be more engaged, happier and more productive at work.”