28% offer financial wellbeing support

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More than a quarter (28%) of respondents offer financial wellbeing support, according to financial education organisation Nudge.

Its Financial education: the definitive guide 2016 report, which surveyed 302 employers, also found that 17% of respondents are in the process of introducing a financial wellbeing programme.

The research also found that:

  • Half (50%) of respondents are considering implementing a financial wellbeing programme for employees, compared to 43% in 2015 and 20% in 2014.
  • 87% of respondents want financial education programmes to support their workplace pension offering, 87% want programmes to support employee benefits and 77% of respondents want their financial education programme to support employees’ personal finances.
  • 96% of respondents want to offer staff a holistic financial education programme.
  • More than half (58%) would like financial education programmes to include online webinars, 92% want online platforms, 37% would like group sessions to be included and 32% want schemes to offer individual sessions.
  • More than half (52%) cite corporate social responsibility as a driver for their financial wellbeing agenda.
  • 96% of respondents want their financial education provider to provide an independent solution.
  • 45% would like their financial education programmes to benefit employees’ partners and more than a quarter (27%) would like them to benefit employees’ children.

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Tim Perkins, director at Nudge, said: “What is clear from this research is that while there are a number of suppliers providing financial wellbeing solutions, there is a massive variation in how these solutions work and what they provide for employers and their people.

“The key theme was ‘independence’ with 96% of respondents saying they want their financial education to be free from product or provider bias. However, only 18% of employers say they have such a scheme.”