Workplace wellbeing is an important focus for most organisations. However, despite evidence of the interconnections between financial wellness and mental, physical and social wellbeing, many organisations are only now developing dedicated financial wellbeing programmes for their employees.
With many people in all organisations’ workforces impacted by the unfolding cost of living crisis, the need for a renewed focus on supporting employees’ financial wellbeing has never been greater. Helping your people manage their finances will boost morale, reduce stress and increase productivity.
We created the Mercer Financial Wellbeing Index to help organisations understand where they are when it comes to financial wellness and how best to focus their energy and resources to develop their own programmes.
Based on the information the Index has produced, we have published the Financial Wellbeing Report to provide insights into what is improving, what needs to get better and what actions can support your employees’ financial wellness.
Below are some of the key findings — and you can download the full report, based on information from more than 140 organisations.
More employers use a financial wellness strategy — and strategy counts
Overall average FW Index rating
Retirement is still the focus for financial wellness programmes
Chart showing the middle 50% of companies, the 10th to 90th percentile and the average scores for organisations across the four elements – control over the day to day, prepared for the unexpected, freedom to make choices in life and on track for the future – of financial wellbeing index. Minimum score is 0, maximum score is 100.
For control over the day to day, the score for the middle 50 % of organisations was aa 28 to bb 50, the 10th percentile was cc 23.8 and the 90th percentile was dd 64. The average score was 40.
For prepared for the unexpected, the score for the middle 50 % of organisations was aa 39 to bb 58, the 10th percentile was cc 39 and the 90th percentile was dd 65. The average score was 48.
For freedom to make choices in life, the score for the middle 50 % of organisations was aa 30 to bb 51, the 10th percentile was cc 20 and the 90th percentile was dd 62. The average score was 41.
For on track for the future, the score for the middle 50 % of organisations was aa 51 to bb 76, the 10th percentile was cc 38 and the 90th percentile was dd 86. The average score was 62.
Listening is important — but employers are not doing it enough
Only 14% of employers have collected data on the financial wellbeing of their employees
Do not know how their employees are faring
Actions speak louder than words for all
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