Something I have noticed increasingly popping up on social media over the past six months are channels and individuals focused on topics such as side hustles, working towards ambitious savings goals and paying down large amounts of debt in a relatively short space of time. Since the start of the year, I have noticed several of these individuals comment on how their following and engagement has increased in recent weeks as they embark on initiatives such as ‘no spend January’, documenting their journey.
Having grown up with finance professionals as parents, I’m fortunate that I was taught a number of fundamental money lessons at home. As such, I am always fascinated to see how others manage their money and to see if I can pick up any new tips or tricks to apply to my own approach.
But, I appreciate this is not the case for many. The size of the audiences amassed by some of these content creators suggests there is an appetite for such information.
Therefore, I can’t help but wonder if such information could be incorporated into employers’ financial wellbeing strategies? According to Aegon’s Financial priorities research, published earlier this week, covering basic living expenses and building emergency savings are now the top two financial priorities among respondents.
While a large number of employers provide financial wellbeing support and education to staff, how often do these understandably focus on broad, relatively generic topics, in order to appeal to a wide employee base? But, once individuals have a grasp of the basics, how many would value information about small, practical changes they could make day to day that could potentially make a real difference to their financial goals?
These changes often require a shift in mindset, which is arguably best achieved when individuals can clearly see the impact these have had for others.
So, is it time for financial wellbeing strategies to broaden in scope, and is it practical to do so?
Are there individuals within the organisation who have been on a positive financial journey, be it achieving savings goals or successfully paying off debt, for example, who would be willing to honestly share their experiences in person with colleagues?
Or could social media content creators with lived experience become a trusted source of information for many?
Debbie Lovewell-Tuck
Editor
@EmployeeBenefit
