As our Financial Wellbeing Week, in association with Wealth at Work, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.
Over the past few years, we have seen employers’ approaches to supporting their employees almost go full circle and return to the days of paternalism. While this has not quite extended to the days of building a village for staff to live in, many organisations now are much more conscious of supporting employees when it comes to areas such as their finances, proactively taking steps to achieve this.
With up to five generations now in many workforces, the range of financial issues faced by employees has never been greater. These can range from paying off student loans, to saving for a mortgage or rental deposit, to planning for retirement.
Added to this is the variety of category of workers that can now be seen in many workplaces. With a number of organisations using fixed-term contractors and freelancers to fill particular roles, should these groups, along with their specific financial needs and challenges, also be addressed through a financial wellbeing strategy?
But, while employers may openly provide financial education and workplace support, some employees may be reluctant to take up the help and benefits available to them, particularly when it comes to issues such as debt. In order to overcome an individual’s negative perceptions about how they will be perceived, therefore, employers need to construct a strategy that is supportive and can be readily accessed without being perceived to be intrusive.
Whatever your workforce’s financial needs, Financial Wellbeing Week was designed to help you take this to the next level through exclusive insights and opinions uncovering best practice in this area. These included:
- Why support financial wellbeing for different types of workers?
- How can employers construct a non-invasive approach to support employees’ financial priorities?
- What role do workplace loans have to play in a financial wellbeing strategy?
- Jonathan Watts-Lay: Helping employees to focus on their finances.
- Ben Willmott: Improving the modern world of employment with the Taylor report.
- Catherine Rickard: Student loan repayment helps recognise employees’ wider financial situations.
- Helen Undy: How can employers help employees improve their financial resilience?
- Julia Hanna: Financial fitness is a win-win for employers and employees.
- SSE provides contractors with same financial benefits as permanent staff.
- Mitie used workplace loans to launch financial wellbeing strategy.
- GVA uses online education as basis for financial wellbeing strategy.
- Financial wellbeing in numbers.
Financial wellbeing is just one of the topics that will be covered at Employee Benefits Connect on 28 February at the Park Plaza, London. Delegates will be able to hear industry experts discussing future trends in financial wellbeing. Find out more.