Nearly three-quarters (72%) of employees do not have access to any form of financial education benefits, according to research by Aegon UK.
The study of 2,000 employees, surveyed just before the Covid-19 (Coronavirus) pandemic in December 2019, found that 70% of employees would find general information about ways to improve their financial wellbeing useful.
Additionally, 67% of employees said that they would find face-to-face counselling sessions useful to help them improve debt management.
Linda Whorlow, managing director of workplace at Aegon UK, said: “The workplace plays a key role in easing the financial worry of employees. Financial education and awareness of what support is available through their employer is very important.
“Many employers are well-positioned to support the financial wellbeing of their employees through the selection of workplace benefits they already offer, they just need to ensure that their employees know about them.
“Employee benefits can play a role in easing the financial worry of a workforce as they get access at a discounted cost which makes their income go further. But the financial benefits on offer need to be framed with some financial education, guidance or advice to demonstrate the impact of each benefit financially.
“It might require a bit of time investment to coordinate and deliver but making financial wellbeing a priority in the workplace will ultimately help with productivity.
“It’s important people understand the financial as well as emotional benefits of options like life insurance or critical illness cover, or hear how much cheaper, and greener, it might be to buy a bike through the cycle to work scheme rather than doing it yourself or hear about the how a supermarket discount scheme works and how much people could save.
“Those employers investing in the communication of the benefits and keeping financial wellbeing in mind when designing these communications, are more likely to reach those with financial worries.
“However, employers also need to be mindful of the potential for overselling certain benefits as having a financial wellbeing benefit.”
