We can help your employees score their own financial wellbeing, identify their key challenges, establish their areas of focus and prioritise topics and themes...
This leads to a data-driven, personalised and inclusive FinWELL programme that maximises impact and is most cost effective.
Scroll down to take a look at our Legal Sector case study...
CASE STUDY - LEGAL/FINANCIAL SECTOR
Analysis
Once employees understood the FinWELL scoring system they could score themselves using our traffic light scale that would related to either crisis, surviving or thriving for our five key elements of financial wellbeing.
You can see the results for each of these and they cover employees general confidence around managing money, their relationship with money and their ability to pay the bills, financial resilience and future plans.
Over 50% of people in the UK are not confident when it comes to managing money as we didn’t learn the basics at school and this is being further impacted by the rising cost of living, interest rates and inflation.
Employers can then implement relevant training and support in an effort to move people from crisis and surviving to thriving.
Once employees understood the FinWELL scoring system they could score themselves using our traffic light scale that would related to either crisis, surviving or thriving for our five key elements of financial wellbeing.
You can see the results for each of these and they cover employees general confidence around managing money, their relationship with money and their ability to pay the bills, financial resilience and future plans.
Over 50% of people in the UK are not confident when it comes to managing money as we didn’t learn the basics at school and this is being further impacted by the rising cost of living, interest rates and inflation.
Employers can then implement relevant training and support in an effort to move people from crisis and surviving to thriving.
Analysis
You can see that the top three areas that employees scored themselves as ‘crisis’ were when it came to their future plans, financial resilience and then ability to pay bills. This is quite common from our data and shows the potential to offer support around these specific topics and themes.
Research has shown that 20% of people have less than £100 in savings or ‘emergency funds’ so this is a common trend that we see.
Employees also find it hard to focus on the future as they are either trying to survive the hear and now, don’t understand ways they can make money work harder for them over the long-term or think that it’s a long way off and will have time to ‘catch up’ later.
You can see that the top three areas that employees scored themselves as ‘crisis’ were when it came to their future plans, financial resilience and then ability to pay bills. This is quite common from our data and shows the potential to offer support around these specific topics and themes.
Research has shown that 20% of people have less than £100 in savings or ‘emergency funds’ so this is a common trend that we see.
Employees also find it hard to focus on the future as they are either trying to survive the hear and now, don’t understand ways they can make money work harder for them over the long-term or think that it’s a long way off and will have time to ‘catch up’ later.
Analysis
Here you can see that 33.7% selected either 'Investing For The Future' or 'Modern Retirement Planning' as their key area of focus.
We see this a lot although most start with a focus on 'Basic Money Management' (23.4%) and it depends of the demographics of employees within a company.
17.2% showed a keen interest in 'The Property Ladder' and 15.6% want to focus on 'Protecting What's Important' that can include support around existing employee benefits to maximise engagement.
Here you can see that 33.7% selected either 'Investing For The Future' or 'Modern Retirement Planning' as their key area of focus.
We see this a lot although most start with a focus on 'Basic Money Management' (23.4%) and it depends of the demographics of employees within a company.
17.2% showed a keen interest in 'The Property Ladder' and 15.6% want to focus on 'Protecting What's Important' that can include support around existing employee benefits to maximise engagement.
Analysis
A big exercise for our team is to explain the difference between financial education, financial guidance and financial advice.
This particular data shows that the 27.3% of employees would like to access to trusted 'financial education' which is common and we can provide this via our employer branded microsites.
The most popular next step (47.5%) was 'financial guidance' which for us is either additional group workshops or follow up 1-1 sessions online or in-person.
25.3% of employees wanted to explore options around professional advice once they had a clear idea of what that might entail*.
We are now arranging in-person 1-1 sessions at employers offices (although they can also be made available online) and can also include adviser appointments alongside this via an employers existing providers.
*FinWELL do not endorse, recommend or promote any regulated products or services such as financial advice. Instead, we can effectively signpost to existing employee benefits and providers or at least explain the options available.
A big exercise for our team is to explain the difference between financial education, financial guidance and financial advice.
This particular data shows that the 27.3% of employees would like to access to trusted 'financial education' which is common and we can provide this via our employer branded microsites.
The most popular next step (47.5%) was 'financial guidance' which for us is either additional group workshops or follow up 1-1 sessions online or in-person.
25.3% of employees wanted to explore options around professional advice once they had a clear idea of what that might entail*.
We are now arranging in-person 1-1 sessions at employers offices (although they can also be made available online) and can also include adviser appointments alongside this via an employers existing providers.
*FinWELL do not endorse, recommend or promote any regulated products or services such as financial advice. Instead, we can effectively signpost to existing employee benefits and providers or at least explain the options available.
Analysis
After sharing a number of practical hints and tips, it is encouraging to see that nearly all employees felt empowered to take action.
This only comes from having an understanding of what financial wellbeing means to them, establishing their own personal FinWELL scores and also identifying their key areas of focus and interest.
After sharing a number of practical hints and tips, it is encouraging to see that nearly all employees felt empowered to take action.
This only comes from having an understanding of what financial wellbeing means to them, establishing their own personal FinWELL scores and also identifying their key areas of focus and interest.
Analysis
This is a great way to ensure your approach to financial education is inclusive and personalised.
We’ve learnt how many key life events have a direct impact on our financial wellbeing and visa-versa.
Employers can now tailor support after establishing what’s most important to their teams including things like Menopause and Money, Money & Neurodiversity, FinWELL for Apprentices & Young Adults, Eating Healthily on a Budget, Bereavement, Grief, Trauma and Loss, Parenting & Caring, Divorce and even Financial Control and Economic Abuse.
We can also now include our extremely popular FinWELL Champion Training to up-skill senior leaders, managers, wellbeing leads and mental health first aiders,
This is a great way to ensure your approach to financial education is inclusive and personalised.
We’ve learnt how many key life events have a direct impact on our financial wellbeing and visa-versa.
Employers can now tailor support after establishing what’s most important to their teams including things like Menopause and Money, Money & Neurodiversity, FinWELL for Apprentices & Young Adults, Eating Healthily on a Budget, Bereavement, Grief, Trauma and Loss, Parenting & Caring, Divorce and even Financial Control and Economic Abuse.
We can also now include our extremely popular FinWELL Champion Training to up-skill senior leaders, managers, wellbeing leads and mental health first aiders,
Analysis
It’s always encouraging to see that the launch workshop was found to be very useful, having a positive impact on confidence levels with 100% of employees either likely or very likely to recommend it to their colleagues.
It’s always encouraging to see that the launch workshop was found to be very useful, having a positive impact on confidence levels with 100% of employees either likely or very likely to recommend it to their colleagues.
Analysis
It's always nice to receive positive feedback especially when there is no obligation to do so.
We've recently introduced tracking key outcomes and actions employees have committed to themselves in an effort to maximise impact and positive change.
It's always nice to receive positive feedback especially when there is no obligation to do so.
We've recently introduced tracking key outcomes and actions employees have committed to themselves in an effort to maximise impact and positive change.
