Employee financial wellbeing is tight on companies' list, says new survey Magazine

UK employers are overlooking staff financial wellbeing, in accordance with the latest Close Brothers Asset Management Business Barometer.

The research, originating from a survey of virtually 900 employers through the UK, found out that slightly below 1 / 2 employers lack an employee wellbeing strategy set up whatsoever. Just 35% have one in position already, while an additional 16% arrange to or are presently progressing one.

However, even among employers with wellbeing strategies, employees’ financial wellbeing will be overlooked. Merely a quarter consider specifically addressing financial wellbeing. Therefore regardless of the growing fact that financial wellbeing, 54% of most businesses with wellbeing strategies will not have financial wellbeing provision regarding their employees in place.

When you’re looking at implementing financial wellbeing, the approach is mixed. 49% of those that have got a financial wellbeing strategy in position address it via their financial education programme, 22% involve a financial adviser as well as the remaining 29%? provide only debt counselling service and a employee assistance programme so directing their financial wellbeing strategy solely towards one element – debt management advice.

Jeanette Makings, Head of Financial Education at CBAM, said: “Employers play a central role in ensuring staff are very informed on how to take advantage of their workplace benefits and financial options, so it will be disappointing to view that financial wellbeing is not being incorporated in additional wellbeing strategies.

“Financial wellbeing has grown to be much more important with all the rise of defined contribution pensions, increasing longevity plus the increased responsibility this places on everyone to plan regarding their finances today as well as for their future. It must be an important focus for organisations who would like to subject recommended to their employees also to their overall business, helping growth and retention in the long run.”

The chances of considering financial wellbeing varies widely across industry sectors. Manufacturing happens ahead, with 44% offering an employee well-being strategy, when compared with just 29% of recruitment and 29% of construction companies.