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Financial Wellbeing – 3 top tips to help keep your employees financial health and wellbeing in check

Financial wellbeing is a subject which is currently being given notable attention and with good reason. Both covid and the cost of living crisis have meant that inflation continues to rise and many people are experiencing financial pressure and uncertainty like never before. Giving people the chance to stay in control of their finances, will have a direct impact on their health and wellbeing. This is where an employer can offer support, by giving employees access to an independent financial advisor.

Here are our 3 top tips to help keep your employees financial health and wellbeing in check:


What do you have in place to help an employee understand their current financial health profile and to identify any areas they'd like to change?

It’s important for employees to fully understand their financial health profile - their income, their expenditure, tax, the best bank accounts, credit cards, loans available, how to make the most of any surplus income, how to reduce any debt, how to take advantage of workplace investment schemes such as pensions, car or bike loans, share options and how to plan and budget for the short, mid and long term.


What discovery opportunities and planning tools have you made available to employees and how can they help them achieve their aspirations?

Frequently, financial health and wellbeing is hindered because people simply don’t know what they don’t know - what products and services are available to them and which ones are best for their situation. Speaking with a professional and developing a clear plan on how to move forward and achieve both financial and life goals is key. Clarity and direction removes any potential stress and overwhelm.


What management tools can you offer your employees to help them put their plan into action and to keep moving forward with their financial wellbeing?

Do your employees simply need a review consultation with an independent financial advisor to keep them on track, or do they need a more involved step by step plan, identifying particular action points and management tools suitable for the short, mid and long term? Putting their chosen financial products and services into an achievable timeline, alongside regular contact points with a financial professional is essential for achieving financial, as well as overall health and wellbeing. Regular financial reviews every 6 to 12 months are recommended

Offering your employees support in a particularly challenging social and economic landscape can be simple and effective. Helping them meet the change in cost of living demands through financial education and support will not only help fulfill your duty of care as an employer, it will also help keep your employees stress free, engaged and focused.

In Summary

  • Make professional and unbiased advice accessible to employees
  • Support them in understanding their financial health and wellbeing - review, plan and action
  • Make information on any relevant workplace initiatives and schemes readily available
  • Cut the jargon - financial terminology can be complicated and confusing
  • Understand that financial health will ultimately reflect in an employees’ overall health and wellbeing and as an employer, there is a duty of care to be fulfilled

Want to support your employees financial health and wellbeing, contact Body Mechanics and take a look at our Financial Services webpagefor more information.

How to get your retirement back on track

This article has been written by Affinity Financial Advisors Ltd who are authorised and regulated by the Financial Conduct Authority | Regulatory Reference Number 457234

The uncertainty caused by the pandemic was particularly unwelcome news for people approaching retirement, but there are ways to strengthen your financial plans.

For millions of older workers, who can see retirement approaching on the horizon, recent pension provider statements might not have made encouraging reading.

At the beginnings of the Covid pandemic, nine out of 10 pension funds experienced a loss. (1) The situation has improved as stock markets subsequently recovered from the initial shocks. But people’s day-to-day money situation has also taken a hit, with November 2020 research by LV= finding 40% of people aged 55-64 (2) say their finances were worse than three months earlier.

One in four of this age group has seen a fall in income from work, which could reduce how much they can save towards retirement. Especially as only 3% of 55-64s are putting any spare money they have into a pension.

Start feeling more confident

If you’re feeling concerned about your ability to retire, you’re in good company. Schroders research in November found 41% of global investors (3) are worried they won’t have enough money to retire. 43% of people aged 51-70 are anxious their retirement income won’t prove enough.

So, what could you do to start feeling more confident? Well, the first thing is to start seriously looking at your retirement ambitions and how much money you’re going to need.

For example, it’s worth looking at your current spending habits and how it might change. After that, you can think about the fun stuff you’ll want to do in retirement and the costs that may be involved.

How do your plans stack up?

With a clearer idea of your outgoings, it’s time to look at the health of your savings, investments and pensions – and how much income they could provide you. There’s also the state pension to factor in.

If you’ve changed jobs over your career, you might have amassed several pension pots that you’ve forgotten all about – these could boost your income. January 2021 research from Interactive Investor (4) found one in eight of us don’t know how many workplace pensions we have.

Any gap between your likely spending needs and the level of savings is the key area to address. It’s important, to also remember that your retirement will hopefully last for many years, and your needs might change over time. So, your retirement provisions need to last you.

Speak to a professional

With so much at stake, getting an expert to help you plan retirement can make a real difference. That’s why a lot of people speak to a financial advisor in the final few years before retiring. They have the know-how to review your plans and forecast your retirement spending needs, so you can get a more accurate picture of where you stand.

As financial advisors we are able to advise you on making stronger plans and help you develop a suitable strategy for transitioning into retirement, giving you the peace of mind you deserve!


To see how Affinity can help and how to book an appointment with them click here.


1 https://bit.ly/36NJxIC (Interactive Investor)

2 https://bit.ly/3ttWRLH (LV=)

3 https://bit.ly/2LnLeoD (Schroders)

4 https://bit.ly/3azwlYR (Pensions Age)


The value of your investment can go down as well as up, and you may not get back the full amount invested. Investments do not include the same security of capital which is afforded with a deposit account.


Affinity Case Study: Purchasing a Bigger Family Home

This article first appeared as a blog on https://ifa-affinity.co.uk/

I want to buy a bigger family home for now and protect my children now & in the future

Our Client’s Situation:
Our clients have two young children together; they want their boys to be well looked after now, and in the future, should the inevitable happen. Whilst they love their current home, they had outgrown it and wanted to upsize and move out of the area to be closer to family. A key priority was a bigger kitchen as this would allow Mrs E to consider starting her own business in the future, baking cakes. They wanted to retain their current house as it had been their family home for the past 10 years+ and wanted it to form part of their children’s inheritance in the future.

Expert Advice:
We suggested raising a ‘Buy to Let’ mortgage which would provide them with a significant deposit towards their future new residential home. This means they could keep their current home & provide the opportunity to another family to rent the property, which is situated in a popular and appealing area and create their own memories. This Buy to let (BTL) mortgage would be serviced by the rental income they received and their new residential mortgage could be serviced by their earned income. This meant they could keep their first family home for their children to inherit in the future, whilst allowing them to upsize and making Mrs E’s plans of starting her own baking company a strong possibility in near future.

Our advice didn’t stop there; as family is very important to these clients and us at Affinity, we ensured their family, mortgage & main household income were protected by creating their very own bespoke protection portfolio. We used our industry-wide product knowledge and experience and applied it to their specific personal needs. Simple, honest & transparent advice in all areas!

Independent Mortgage Advice from Affinity Financial Advisors

Whether you wish to purchase your own home, invest in a buy-to-let property, raise money for home improvements or simply re-mortgage to get a better deal, buying a property and arranging a mortgage can be a stressful time. We cut through the complexities and get the best possible mortgage for your situation. We manage the application process right through to completion, taking the weight off your shoulders.