Why employee financial wellness is a crucial issue for employers
Improving employees’ financial wellness can lead to heathier employees, reduced absenteeism and lower turnover rates while raising employee satisfaction and improving the employer brand.
We can help you develop a financial wellness programme that focuses on engaging employees throughout their lives, with an emphasis on guiding them towards action. The objective is to help employees reach their goals for every stage of their “financial lives”, whether they’re saving for a house, a car, college or retirement.
Why should employers support employee financial wellness programmes?
Back in 2018 our Healthy, Wealthy and Work-Wise research demonstrated that employers have a key role to play in promoting employee financial wellness and security through the provision of trusted support and advice programmes.
Overall, the results suggested that employers have an opportunity to play a crucial role in addressing current investment and financial planning roadblocks for individuals.
Thirty-three percent of those surveyed indicated they had not made any retirement savings calculations.
Less than one-quarter of pre-retirees in Ireland were confident they would save enough for retirement, whereas 65% expected to never retire.
Tellingly, eighty-one percent of those surveyed claimed they trusted employers to give sound, independent advice on planning, saving and investing.