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21 February 2024 · News
Financial education Employee benefits


EMPLOYERS FAIL TO MEET INCREASED DEMAND FOR FINANCIAL SUPPORT, RESEARCH REVEALS


HR leaders are struggling to meet the demands of employees, -
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Employers are underestimating employees’ need for financial support during the
cost of living crisis, new research has found.

A report by employee discounts scheme provider Reward Gateway revealed that
while 5% of HR leaders say employees’ financial wellbeing has significantly
declined in the last two years, three times (13%) the number of workers say this
is true.

Employees also indicated that their employer is not offering them designated
financial support during the cost of living crisis, with 65% saying their
organisation could do more.

Graham James, director at employee benefits and engagement provider Pluxee, told
HR magazine that employers are still catching up with pressures on employees’
financial wellbeing.

He said: “Due to cost of living pressures, employee needs around financial
wellness have naturally moved ahead of employer provision.

“Over time, we’ll see employers close this gap and reap the wellness benefits of
reducing the pressure employees feel over financial stress.”

--------------------------------------------------------------------------------

Read more: Earned Wage Access could calm money worries, CIPP says

--------------------------------------------------------------------------------

Separate research by Pluxee found that 51% of employees are embarrassed about
their financial literacy, and 16% of workers said they felt supported in their
financial concerns at work.

It also showed that 75% of HR professionals believed they could do more to
enhance employees’ financial wellbeing, with 68% noticing a surge in requests
for financial education.

James continued that employers should create a culture where employees feel
empowered to seek financial support.

He said: “Employers can be put off from tackling financial wellness given
financial ‘advice’ is a regulated area.

“Thankfully, there are many different areas where employers can support
employees without getting into tricky territory.

“Examples include financial wellbeing and money management apps, financial
coaching sessions and hands-on support through wage withdrawal services and even
debt consolidation.”

Simon Moyle, CEO of Vivup Employee Benefits, noted that employers should
understand what defines their employees’ financial wellbeing to build a strategy
that works for them.

He told HR magazine: “Financial wellbeing is when three key elements come
together: employees have the ability to confidently manage their finances, can
absorb a financial shock and have goals they are on track to meet.”

Moyle recommended building a financial education programme and supportive
benefits would help workers’ financial wellbeing.

--------------------------------------------------------------------------------

Read more: Financial education is now a necessity

--------------------------------------------------------------------------------

He continued: “Illustrating how people can impact their own wellbeing is key:
£2.50 a day on coffee? Skip that for a month to grow over £50 a month.

“Employee discounts make money go further, so show them how they can save on
shopping and utility bills; home and electronics salary sacrifice schemes help
relieve pressure for larger goods and spread the cost.”

Jeanette Makings, head of workplace financial wellbeing at Close Brothers Asset
Management, noted that clearly communicating benefits with employees would help
those most in need of financial support.

She told HR magazine: “Elect mental and financial wellbeing champions. Train and
equip them to operate throughout the organisation to continue to raise the
profile of all relevant benefits, support and key deadlines.

“Arrange specific support for certain cohorts, for example retirees or those
being made redundant, and include debt counselling in employee assistance
programmes.”

Makings added that a good financial support programme is not only an essential
part of an organisation’s overall wellbeing strategy but it is beneficial for
both employees and employers.

The research by Reward Gateway found that HR leaders are struggling to meet the
demands of employees, who rate pay rises (62%) and financial bonuses (53%) as
the top ways to make them feel more appreciated at work.

Makings told HR magazine: “With corporate budgets always under pressure, it’s
vital for organisations that their benefits spend delivers the support their
employees want and will use.

“A periodic review, looking at employee take-up, surveying employee need,
benchmarking against the market, assessing how best to reuse the benefits budget
to really deliver a value proposition is essential for both employees and
employers.”

financial support
financial education
employee wellbeing





FURTHER READING

Employee benefits


DO MORE TO SUPPORT EMPLOYEE FINANCIAL WELLBEING

Comment
Employee benefits


COMPANIES FAILING TO PROVIDE EMPLOYEES WITH FINANCIAL WELLBEING SUPPORT

News
HR in the boardroom


EMPLOYERS FAIL TO GIVE FINANCIAL GUIDANCE

News
Wellbeing


SOARING COST OF LIVING PROMPTS CALLS FOR FINANCIAL SUPPORT FOR EMPLOYEES

News
Employee benefits


WORKERS LOOK TO EMPLOYERS FOR FINANCIAL GUIDANCE

News
Employee benefits


LESS THAN HALF OF EMPLOYERS PROVIDE FINANCIAL EDUCATION

News
Employee benefits


FINANCIAL WELLBEING: WHY IT'S TIME FOR HR TO TALK MONEY

Sponsored

Employee engagement


FINANCIAL EDUCATION IS NOW A NECESSITY

News

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