An Employers Guide To Financial Wellbeing
To celebrate FinWELL's first birthday, we've put together a guide with some of the key things we've learnt from working with employers of all sizes in both the private and public sector on a global scale.
Feel free to scroll down to read our 25 key learnings or use the form to request a free PDF version.
We've also brought together other useful wellbeing reports and guides below.
Click here to email us if you'd like to explore ideas for your employees.
Feel free to scroll down to read our 25 key learnings or use the form to request a free PDF version.
We've also brought together other useful wellbeing reports and guides below.
Click here to email us if you'd like to explore ideas for your employees.
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25 Financial Wellbeing Tips For Employers
- Financial Wellbeing isn’t just about pay and pensions.
- Financial Wellbeing isn’t what you earn or what’s in your bank.
- Most of us didn’t learn the basics at school.
- There is a need to encourage employees and leadership teams to come together to #TalkAboutMoney.
- Employers need to create psychologically safe spaces to confidently converse about money matters.
- We are all in the same cost of living storm but definitely not in the same boat. Some will sail through this challenging time while others will have to work or ‘row’ that bit harder and some are simply drowning.
- There are two key elements to financial wellbeing; the educational and practical side such as doing a budget and managing money then there is the emotional and psychological side that looks deeper at our relationship with money that drives our attitudes, behavior's, beliefs, decisions and habits.
- We’re all at different stages in life with different needs when it comes to financial wellbeing.
- Support must be personalised, relevant, inclusive, engaging and measurable.
- We need to ask employees what they want, how and when they want it.
- Employees should have access to education, guidance and advice but also understand the difference between them.
- We all learn at a different pace and through different ways so need access to a range of content including videos, articles, infographics and podcasts.
- Huge savings can be made for employees and businesses with salary exchange pension contributions and also more effective communication around existing employee benefits.
- Support should include access to content but also interactive group workshops, 1-1 sessions and leadership training.
- This needs to be seen as an ongoing benefit rather than a one off ‘initiative’.
- Financial Wellbeing is intrinsically linked to our mental health.
- Financial Wellbeing should also be linked to keys life stages and events such as starting our in work and managing money, getting onto the property ladder, protecting what’s important, having financial confidence, control and independence, investing for your future and modern retirement. We’ve found the most common area of focus to be Money Management and a huge need for basic budgeting.
- Additional focus should be given to areas such as menopause and money or ‘MenoMoney’ as we like to call it and also ways for parents to learn about financial wellbeing and also teach their children.
- It’s important for employees to learn about the dangers of financial control and financial abuse.
- Careful consideration must be given to affordable credit options and early access to wages.
- Consideration must be given to neurodiversity and additional challenges around money matters.
- More needs to be done to understand how financial wellbeing affects employees from different backgrounds and cultures.
- More needs to be to close the gender pay gap.
- There is an opportunity to up-skill wellbeing champions and mental health first aiders to spot the signs of poor financial health, have empathetic conversations around money and more effectively signpost to relevant resources.
- Forward thinking employers see this and an opportunity to improve culture, performance, productivity, absence, presenteeism, talent attraction and retention.
FinWell offers financial wellbeing services through education, guidance, training and support.
We do not offer financial advice.
No information or content shared on our website or in any workshop or personal 1-2-1 session should be taken as advice.
We can signpost to further resources and partnering organisations who offer professional advice or you can seek advice through other authorised and regulated companies and individuals.
FinWELL may receive fees by our collaborative partners.
FinWELL is the trading style of FINWELL TRAINING LTD, A COMPANY REGISTERED IN ENGLAND AND WALES (REGISTRATION NUMBER: 14126502)
PRIVACY NOTICE
We do not offer financial advice.
No information or content shared on our website or in any workshop or personal 1-2-1 session should be taken as advice.
We can signpost to further resources and partnering organisations who offer professional advice or you can seek advice through other authorised and regulated companies and individuals.
FinWELL may receive fees by our collaborative partners.
FinWELL is the trading style of FINWELL TRAINING LTD, A COMPANY REGISTERED IN ENGLAND AND WALES (REGISTRATION NUMBER: 14126502)
PRIVACY NOTICE
