When we talk about wellbeing, this consists of, mental, physical and financial health. Today I will focus my blog on financial wellbeing. What is it? Financial wellbeing is about behaviours and habits around spending, borrowing and saving habits and how they make you feel. Do you know that four million adults in the UK are in poverty despite having a job: Are you as an employer tuned in to support your employees who are facing this problem? Personal finance is no longer too personal to be discussed at work. As an employer, you have a duty of care towards your employees.
Paying a fair salary means you are doing your bit to support the financial wellbeing of your employees but that’s not enough. Many times your employees need more than just a good wage to complete the financial wellbeing cycle.
Financial wellbeing should be taken one step at a time and it’s a continuous journey. Having one workshop every so often is not enough. Giving your employees all-year-round access to different financial resources and education is the best way forward. Just like nutrition and physical activity, financial wellbeing takes practise and ongoing education.
To improve employee wellbeing and address financial health with your employees, creating a financial wellness program that consists of these elements will help your employees:
Provide hands-on training that is engaging like a money bootcamp where your employees will learn by doing. . Slideshows and lectures only go so far in impacting and educating employees. Instead, host interactive experiences, like a budgeting workshop or money management training program. Connect employees with financial experts and get them to take action during the workshop.
Having a drop-in session with a money coach to help them talk about their money worries and goals.
Incorporate digital experiences in your programmes to create a continuous journey of learning and doing. Your employees are already using apps and technology to manage much of their lives, financial wellbeing is no different . Young workers are especially incredibly tech savvy, so including digital elements in your program speaks their language.
Delivering educational content, like videos, app based materials, and reminders in form of notifications are helpful.
Building a culture around employee well-being is your biggest advantage. If you get your team excited about financial wellness, they’re going to encourage others to do the same and will take ownership of these programmes..
Get employees enthusiastic about managing their finances by building a financial wellbeing community in your culture. Having a support sysem or a sense of belonging to a certain community creates accountability and ownership..
Appoint ambassadors to help spread the word, create accountability groups and host weekly money chats to share the latest insights in a group environment. I recently did a financial wellbeing bootcamp for the staff at Dean and Cauvin and was pleasantly surprised at how open the staff were talking about their experiences with both good and bad financial situation. They felt confident talking about money because we created a safe and non judgemental environment to talk about our finances.
Investing in your employee financial well-being and empowering them to take charge of their finances helps your bottom line by improving your staff productivity, less time off work and generally a happier workforce.
We will be discussing more on financial wellbeing at work at our Fintech Festival event on the 13th of September 2019. Book your ticket Here and we hope to see you there!