It’s no surprise that financial wellness benefits are continuing to grow in importance for employers. According to Close Brothers’ 2019 Financial Wellbeing Index, 94% of employees admit to worrying about money, with over three-quarters (77%) saying that money worries impact them at work.
Despite the growing popularity, more than half (55%) of employees say that their workplace offers nothing to improve financial wellbeing and organisations are also feeling the strain, with reduced productivity (22%), loss of talent (22%), higher short-term and long-term absences (19%), and higher healthcare costs (13%).
If you haven’t already considered financial wellness benefits, here’s why you should:
Everyone has money and unless you’re anticipating joining the Sunday Times Rich List this year, everyone worries about money. Financial wellness benefits therefore reach every person in the workforce – an equitable benefit regardless of gender and life stage.
Whether you’re a small start-up of less than 50 people or a large employer of more than 10,000, financial wellness benefits are among the best for online platforms. At Bright Horizons, we’re proud to provide financial wellness support to our 10,000+ UK employees using technology and our Additional Family Support webinars, which we offer to our clients’ employees on a variety of wellness topics, are more than just popular.
The Bottom Line
As Close Brothers’ aforementioned Index identified, financial wellness affects more than just the individual and it’s leaving a mark on the bottom line.
Cause & Effect Rewards
Very few benefits have such an immediate cause and effect reward. Money advice and benefits with financial savings are just a few of them. Imagine the relief for employees with children who have access to a workplace nursery – with significant Tax and NI savings available. Priceless.
One money worry doesn’t fit all. A young employee joining the workforce might be thinking about buying a house; another might be thinking about starting a family; and an experienced employee might be focussed on navigating care for an elderly loved one. With financial wellness benefits, there's endless options to suit everyone.
Most people very rarely talk money, and even less talk about their problems. Financial wellness can bring challenges into the open in a positive way before they snowball, with solutions available for every member of the workforce.
As our friends at Close Brothers said in their Index: “Doing nothing is no longer an option; for the right outcome, doing something that addresses all seven areas of financial health and for all employee groups, will deliver tangible results for both individuals and businesses alike.”