67% of employers do not offer financial support or guidance

financial support

More than two-thirds (67%) of respondents do not provide financial support or guidance for their employees, according to research by Thomsons Online Benefits.

Its UK Employee benefits watch report 2018: Creating the ultimate employee connection report, which surveyed 450 UK employers representing approximately 1,800,000 employees, also found that 70% do not offer debt counselling and 80% do not offer workplace individual savings accounts (Isas).

The research also found:

  • Just 10% of respondents had a financial wellbeing strategy plan in place, however, a further 50% are considering implementing on within the next year.
  • 24% of respondents said they have not implemented a financial wellbeing strategy due to cost, 22% said they did not want to risk getting too involved with the financial lives of their staff, while 20% said it was not their role to get involved.
  • 81% of respondents do not offer debt consolidation and 79% do not offer mortgage broking.
  • 59% of respondents say tighter control of costs is a higher priority for 2018.
  • Just under a third (30%) are looking to implement a dedicated benefits app in 2018, 26% are planning to introduce mobile access and 24% interactive tools (24%).
  • 60% of HR and reward professionals who use analytics have implemented mental health initiatives, compared to 26% among those who do not.

David Dodd, consulting director at Thomsons Online Benefits, said: “This year’s research paints a mixed picture; employers are making clear strides when it comes to caring for the physical health of their employees. However, the gap in financial and mental health support means that they’re failing to deliver a holistic wellbeing strategy. At a time when employees are struggling financially, and the top talent is in higher demand than ever, it’s paramount employers work to help employees with their financial health, or risk losing them to competitors.”