Financial wellbeing has been floating around for a while now, but it’s time to get serious about your people's money. It’s not news that individuals are counting their pennies this year. And most likely the year after that.
But it’s no easy feat to protect your team’s money, and is it even your responsibility? Well, short answer, yes it is and here’s why.
Why you should help your people's financial wellbeing
Simply put, financial wellbeing is how individuals feel about their control over their own money. We know how stressful and time-consuming it can be when you feel out of control or worried about your finances. Therefore, spending a little bit of extra time to help your people can give them some well-needed peace of mind and enable them to focus more on what is essential, such as work, home life and anything in between.
How you can help your people financial wellbeing
Now we get to the good bit. We’ve been gathering some helpful information on how to help your people financial wellbeing, so you don't have to.
Savings Clubs
First up, we have Each Person’s Savings Club. This brand new savings facility enables your people to safely, freely, and simply automatically save their well-earned salaries. Not only does this help your people develop solid and healthy money habits, but it also allows them to earn an extra 6% interest yearly.
Money Vouchers
Rewards and recognition within your company are vital to the overall wellbeing of your people. However, they can significantly improve financial wellbeing by offering a way for your people to purchase much-needed goods. For example, sending an employee voucher for a well-known supermarket to someone who received Employee of the Month shows them they are valued and lets them get their weekly shop done!
Financial Wellbeing Advice
One in five employees said they would appreciate broader financial guidance, debt management and counselling if they were in financial hardship. Offering this advice to your people in the form of newsletters, meetings, or brochures can positively impact their financial and mental well-being.
In summary, helping your people's financial wellbeing can positively impact their mental wellbeing as well. Furthermore, it will allow them to focus more on the important stuff. Remember, many resources are available to help you offer your people the proper guidance and support.
If you like the sound of the Savings Club and further perks at work, get in touch with Each Person today at info@eachperson.com
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