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.
- 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