According to Salary Finances, those that have poor financial health are 3.7 times more likely to be suffering from anxiety and 5.3 times more likely to be feeling depressed and finding it hard to carry on with daily life. As poor financial wellbeing can significantly affect someone, helping your employees improve their financial wellbeing can make a huge difference and have long lasting benefits.
One way that you can help support your employees in a quick and effective way is by giving them access to financial related benefits. This allows them to educate themselves on financial wellbeing and then create better habits to keep up a good level of financial wellbeing.
Below are some of the options to help support your employees:
Workplace ISA’s
Helping your employees to open a saving accounts where the money comes straight from their net salary into the account can help them to keep money saved for the future and any of life’s unexpected moments. It is often cheaper than the high street savings accounts advertised too!
Financial Education
Even if you have all the intentions to get your finances in order, it can be hard to know exactly what the best way to do this is and what actions you need to take. As part of the company employee benefits, you can give your employees access to a financial wellbeing library that has information on how to improve financial wellbeing. This can include anything from budgeting tips, saving tips and how to have a good and stable retirement.
With there being so much information in the library, there is something that can be useful for employees in many different stages of life and in varying situations. This is good for you as a company as well as the employee because it gives the library longevity in terms of supporting your employees.
Financial Planning
Sometimes when it comes to securing good financial wellbeing, thinking about the future is just as important as focusing on what your spending habits are like currently. With a financial planning scheme, it gives employees the chance to connect with a professional financial planner and make real goals for the future. The good thing about this is that the advice will be tailored specifically to the employees needs and situation, so the goals set won’t be unattainable.
Lifestyle Savings
Although changing spending habits and planning for the future can inevitably give your employees better financial wellbeing, it shouldn’t all come down to them to change the outcome. You can support employees in saving money by giving them access to discounts on their weekly shopping, gifts for their loved ones and many more things!
Introducing instant discounts to your employee benefits package is a great way for employees to save and make sure that their daily spending doesn’t add up and that they still are able to treat themselves and their loved ones.
You also have the option to add schemes like a salary sacrifice car scheme, MotorSave, the Technology Scheme and the Bike Scheme. These all help make the lives of your employees easier and better and are quick and easy to access through your employee benefits platform.
To find out more about employee benefits and how they can help your employees achieve improved financial wellbeing, head over to our website.