All Financial wellbeing articles – Page 107
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AnalysisHow to engage staff with financial wellbeing
Need to know:Employers are increasingly keen to offer holistic financial education, including around employees’ personal finances.New providers are offering ways employers can offer help with an employee’s personal finances while staying at arm’s length.Like financial education around pensions and benefits, education around personal financial wellbeing can benefit from audience segmentation ...
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Article38% likely to consider including lifetime Isa in remuneration package
More than a third (38%) of respondents are likely to consider introducing the new lifetime individual savings account (Isa) into their employee remuneration scheme in the future, according to research by law firm Sackers.The survey of 78 employers, trustees and advisors also found that 84% of respondents want to offer ...
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Case StudiesJohn Lewis Partnership works to ensure benefits add value
For the John Lewis Partnership, employee benefits are one of a number of elements that have helped to establish its reputation as a great place to work. The organisation encompasses John Lewis and Waitrose, and all of its 90,000 members of staff are partners in the business.Rachael Abbott, benefits development ...
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Supplier article
Are we all Millennials now?
The Millennial generation, or Generation Y, consists of those people born between the early 1980s and the early 2000s.There are many negative stereotypes about this generation: that they are self-absorbed, greedy1 and disloyal2 amongst others. There are also positive stereotypes, but whatever you choose to believe about Millennials the fact ...
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AnalysisInfographic: The content employers would like to include in financial education programmes
An infographic looking at the content employers would like to include in financial education programmes (Source: Nudge Global's Financial education: the definitive guide 2016 research, published in March 2016).Read more in What do employers need to know about financial education?
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Case StudiesCoventry University supports employees’ financial wellbeing with education programmes
Coventry University refreshed its financial education programme to help support employees with their financial understanding and also promote awareness of the organisation’s total reward package.In June 2015, the university introduced pilot financial education workshops in response to a number of factors: employees were taking more interest in their own financial ...
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AnalysisWhat do employers need to know about financial education?
Need to know:More employers are recognising the importance of supporting employees’ financial wellbeing in the workplace with education programmes.Financial education programmes should cover a broad range of financial topics.Determining the issues that are important among staff can be a sensitive task, so it can be more effective to let employees ...
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Supplier article
Budget 2016 provides employees with a helping hand towards the cost of advice
From April 2017, the tax and national insurance relief for employer-arranged pension advice will increase from £150 to £500.Jonathan Watts-Lay, Director, WEALTH at work – a leading provider of financial education in the workplace supported by guidance and advice comments: “We welcome any incentive which gives more employees access to ...
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Article
33 Benefex industry insight: The psychology behind financial wellbeing
It has been suggested that economics is a branch of psychology. So it stands to reason that an individual’s attitude to financial wellbeing is rooted firmly in their mindset.In 2002 I graduated with a degree in psychology. Although useful at times, never has it become more vital to my work ...
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ArticleLouise's lowdown: Will the Lifetime Isa encourage or distract from pension saving?
On 16 March Chancellor George Osborne delivered his Budget 2016 speech to Parliament. A storm of speculation around pensions tax relief had raged for months before beginning to subside in early March, when word spread that this Budget would not, as many had expected, herald in further radical reform to ...
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Supplier article
Jelf employment seminars in London
The fun and informative Jelf Employment Seminars return with another curious collection of informative and entertaining speakers to guide our delegates through the key employment issues of the moment.Our popular event Chair Peter Matthews will act as chief curator for this event, keeping the following well-known speakers in order:The learned ...
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Supplier article
Lifetime ISAs: creating a need for education
Following the Budget announcement on 16March individuals under the age of 40 will be able to open a “Lifetime ISA” from April 2017. Lifetime ISAs (LISAs) are designed to help young people save flexibly throughout the whole of their lives: “It will help them to simultaneously save for a first ...
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Article16% refer staff to Pension Wise
Less than one-fifth (16%) of employer respondents are referring their employees to the Pension Wise service, compared to 20% in October 2015, according to research by Close Brothers Asset Management.The latest Close Brothers business barometer, which surveyed 917 employers, also found that more than a third (36%) of respondents offer ...
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Article71% of millennials do not understand their pension investments
More than two-thirds (71%) of millennial respondents do not understand or are unsure about their pension investments, according to research by Barnett Waddingham.Its Generation why? survey 2016, which surveyed 506 employees, also found that 72% of generation X respondents (aged 30-49) do not feel certain about their understanding of pensions ...
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Supplier article
Financial education in the workplace
Over the last few years the topic of workplace financial education has finally (and rightly) come to the fore in the world of employee benefit provision.One of the principle tenets of this approach is ensuring that your employees are aware of, and utilise where appropriate, all of the tools that ...
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Supplier article
An increase in IPT should not see a flood of changes
Simon Crewe – Consultant, Xerox HR ServicesThe last winter was one of the warmest and wettest on record. News reports of floods appeared all too often on our television screens. The good news is the government intends to increase spending on flood defences, but it has no intention of paying ...
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Supplier article
2016 March Budget (4): Childcare
There was another item of importance to Employee Benefit provision tucked away in the Budget 2016 document, and it relates to the long-running theme of Childcare Vouchers and their proposed replacement Tax Free Childcare.The document text of importance here is this:“From early 2017, the government is introducing Tax-Free Childcare to ...
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Supplier article
2016 March Budget (3): Salary Sacrifice
Although not specifically mentioned in the Chancellors Budget speech, the supporting document does include this text:“Salary sacrifice arrangements enable employees to give up salary in return for benefits-in-kind that are often subject to more favourable tax treatment than salary. The government wants to encourage employers to offer certain benefits but ...
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Supplier article
2016 March Budget (2): Increase to IPT
In the Budget speech the Chancellor confirmed that there will be a further increase to Insurance Premium Tax (IPT). IPT will increase from 9.5% to 10%.This has implications for many personal and corporate insurances, and from an employee benefits perspective particularly for healthcare insurances.Many will recall that IPT increased significantly ...
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Supplier article
2016 March Budget (1): Lifetime ISA announced
The Chancellor has now given his 2016 Budget speech – and once again there appears to be a major surprise for employee benefits and workplace savings.The supporting Budget document includes the following: “Launching a new flexible Lifetime ISA for under 40s in which people can save up to £4,000 each ...