All Financial wellbeing articles – Page 118
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AnalysisHow to manage employee-benefits-related risk
If you read nothing else, read this…Employee benefits, such as preventative healthcare programmes, can help to mitigate organisational risks such as sickness absence and workplace stress. But benefits can bring their own risks to an organisation around cost, health and safety and regulation.Employers must be aware of all the risks ...
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Article
Financial disengagement could limit success of pension reforms
Financial disengagement among people approaching retirement could threaten the success of the government’s pension reforms, according to research by the Strategic Society Centre.Its Defined capability: pensions, financial capability and decision-making among retirees research found that among respondents aged 55 to 64, only one in three with defined contribution (DC) pension ...
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ArticleGE rolls out new retirement communications strategy
GE is in the throes rolling out a new retirement communications strategy to help communicate the new pension freedoms available to staff from 6 April. It is part of a flexible retirement policy that the organisation, which specialises in energy, healthcare, aviation and transport services, implemented last year. Michelle Newton, ...
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ArticleFCA acts to support choice in retirement
The Financial Conduct Authority (FCA) is to introduce remedies designed to support choice in the retirement market in light of the forthcoming pension reforms.Its final Retirement income market study proposes five remedies for employees with defined contribution (DC) pension pots to help make competition work for those looking at drawdown ...
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Article60% of employees suffer from financial stress
Just under two-thirds (60%) of US workers are significantly burdened by financial stress, according to research by asset management firm State Street Global Advisors.Its biannual Employee retirement survey, which surveyed 1,000 employees aged between 20 and 69, also found that the key triggers of stress were mortgages, student loans, healthcare ...
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Article51% not confident Pension Wise will deliver support
More than half (51%) of employer respondents are not confident that the government’s guidance guarantee Pension Wise service will provide their employees with adequate support around decisions at retirement, according to research by Hymans Robertson.The pensions and risk consultancy’s research, which questioned 100 HR directors in organisations with more than ...
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Case StudiesScapa Group questions employees’ financial nous
She was particularly keen to understand the level of financial awareness among employees at the global bonding product and adhesive components manufacturer.“[I wanted to know] how much they really knew about pensions and how much of that is in the context of a wider financial savviness,” she says.Patten found that ...
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ArticleDebbie Lovewell-Tuck: Employers primed for financial wellbeing
This question came to the fore again last month when the government rolled out a new interest-free loan scheme across the UK.The scheme, which was previously piloted in London, works in the same way as a season ticket loan, enabling employees to take out a loan for a house rental ...
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AnalysisHow to create an integrated financial wellbeing strategy
If you read nothing else read this…46% of employees worry about their finances.An effective financial wellbeing strategy needs to understand the needs of employees.Workplace savings and education can encourage saving and boost wellbeing.An integrated strategy must link to business needs. Barclays Corporate and Employer Solutions’ (C&ES’s) Financial wellbeing: the last ...
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Case StudiesAnglian Water evolves financial wellbeing strategy to support employees
The utilities organisation has integrated financial wellbeing into its approach to employees’ health and wellbeing since 2007.Sally Purbrick, head of reward at Anglian Water, says: “We have seen a correlation and it all integrates into the area of health and wellbeing. It is not done in isolation. All the areas ...
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ArticlePension Wise website goes live
The online version of the government-backed guidance guarantee service, Pension Wise, has gone live.The Treasury-designed website, pensionwise.gov.uk, showcases six steps users should take in deciding how to use the new pension flexibilities, as well as get the best possible outcome in retirement from their pension pot.The six steps are:Checking the ...
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Video
Easy steps to pensions flexibility
brightcove.createExperiences();This three-minute video tutorial above covers:What are the new options for employees around pensions?What are the key issues that employers need to consider?What are employers doing with their existing scheme rules?What can employers do to help staff identify what changes are ...
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ArticleFinancial education boosts staff engagement
How financial education can boost employee engagement and employers’return on investment (ROI) will be the focus of a session at Employee Benefits Connect 2015.In a session titled ‘Boost employee engagement and ROI using financial education’, Darren Laverty (pictured), director at financial education provider Secondsight, will discuss why and how workplace ...
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Article
96% believe pension flexibilities create need for financial education
Some 96% of employers think that the new pension flexibilities creates a need for more financial education in the workplace, according to research by Jelf Employee Benefits. Its research among 250 employers also found that nearly three quarters (73%) believe workplace financial education should be employer funded.Of this 73%, more ...
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Article68% of over-50s would retrain to work longer in retirement
More than two-thirds (68%) of over-50s would consider retraining to work longer in retirement, according to research by MetLife. Its research, which surveyed more than 2,500 employees, found that financial pressures and a lack of sufficient retirement savings are the drivers behind employees working longer.Just over half (55%) of respondents ...
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Case StudiesBecton Dickinson personalises financial education for staff
As part of the programme introduced in November 2014, the firm uses Nudge’s Global Quantum technology, which uses HR and benefits data to profile employees and pre-empt their individual financial needs.Employees are then sent a number of messages about how to save money or set and track financial targets. These ...
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ArticleGovernment names guidance guarantee service
The government has today (12 January) revealed that its guidance guarantee service will be called Pension wise. The creation of Pension wise follows measures announced in the 2014 Budget to provide access to free and impartial guidance on how savers can make the most of the new pension freedoms, which ...
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AnalysisFinancial education in numbers
52% of employers do not provide financial education for employees (Source: Secondsight, October 2014)55% of employers do not offer staff support at retirement (Source: Employee Benefits/Close Brothers Pensions research 2014, November 2014)43% of respondents say 90% or more of their employees are active pension scheme members (Source: Employee Benefits/Close ...
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AnalysisWhat does an effective financial education strategy look like?
If you read nothing else, read this… Employers must identify employees’ financial concerns.Financial education strategies should be based on employers’ existing benefits.Strategies must be ongoing to maintain their impact.The abolition of compulsory annuitisation for defined contribution (DC) pension scheme members could be challenging for employers that do not have any ...
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AnalysisTop tips for communicating a financial education strategy
If you read nothing else, read this…Financial education programmes must be integrated with organisations’ workforce planning strategies. Employers must consider their audience, because many young staff will have experienced financial education at school.Face-to-face learning can be highly effective. 1. Consider employees’ existing knowledgeMany young people will have experienced financial education ...