Staff financial wellbeing being prioritised by more employers
Employers are starting to prioritise financial wellbeing for their staff, according to the latest Close Brothers Asset Management (CBAM) Business Barometer.
The research, which comes from a survey of over 900 employers across the UK, found that 59% of firms who have a staff wellbeing strategy now specifically include a financial wellbeing strategy. A further 19% are considering arranging one.
This is an improvement from CBAM’s last Business Barometer where 46% of all businesses with wellbeing strategies had provision for financial wellbeing for their employees.
The provision for financial wellbeing also varies by industry. Services come out on top, with 70% of businesses with staff wellbeing strategies offering financial wellbeing. 68% of manufacturing firms doing so, but only 49% of public sector companies including this.
When providing financial wellbeing, financial education is the most popular route. 29% have a financial wellbeing strategy in place via their financial education programme, 16% via their debt counselling service/employee assistance programme and 14% through a financial adviser.
In terms of overall wellbeing strategies, more than half of businesses are set to have a something in place; 35% of businesses already have one, and a further 18% are in the process of arranging one.
Jeanette Makings, Head of Financial Education at Close Brothers, said: “Staff wellbeing strategies are on the rise, as companies consider how best to increase engagement and boost productivity and retention. As part of overall wellbeing, we are also now seeing an increase in, financial wellbeing. With so many changes to the personal finance landscape, employers play a pivotal role in supporting their employees’ financial wellbeing and there are several ways they can provide this.
“Whether it is via seminars, online resources, tools and case studies, webinars and podcasts or one to one sessions financial education that focuses on overall financial wellbeing, not just pensions or debt with access to one to one guidance and advice is the best way to help employees to improve their financial wellbeing immediately and for the future.
“Employers who recognise the role they can play in supporting staff with the many and complex financial choices they now facewill benefit from more financially secure staff who make well-informed decisions and who as a consequence will be more engaged, happier and more productive at work.”