At a time when financial literacy in the workplace is highly sought after across all generations, there’s a significant opportunity for employers to step in. By providing a benefit that helps reduce financial stress, you can positively influence the financial wellbeing of your employees.
What is financial wellbeing?
Financial wellbeing focuses on how an individual feels about money, and the impact that personal finances have on their overall wellbeing. It is an important aspect of employee wellbeing and many organisations choose to include it as an employee benefit.
The Money and Pension Service defines it as “knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future. In short: feeling confident and empowered about your money”*.
• Control – of everyday budgeting and spend, debt management, short-and long-term savings
• Capacity – to absorb a financial shock such as an emergency cost or redundancy
Financial wellbeing is not simply about a lack of money worries, as anyone can experience financial stress from time to time. It’s about not being constantly worried about money, and having the capacity to manage everyday expenses as well as save for the future.
Money worries can be a significant cause of stress for employees at all salary levels, age groups and demographics, impacting mental health. To be precise, Gallagher’s Employee Financial Confidence Report revealed that 7 in 10 employees spend time at work on personal finance concerns every week, costing the economy $47 billion every year in lost productivity.
• Reduced employee stress and anxiety
• Reduced absenteeism in the workforce
• Increased productivity and performance
• Increased talent retention
• Greater appreciation of employee benefits which can lead to increased employee engagement and employer advocacy
Our employee financial wellbeing solutions have been designed to improve what employees know, feel and do about their personal finances. They are used by leading brands and organisations in their employee benefit packages.
Gallagher’s expertise and simple approach can deliver measurable improvements in financial wellbeing for each individual employee.
building their financial confidence, and help lift the burden of money worries from your workplace.
Employers can measure your employee and organisational wellbeing scores for all respondents and see how they improve overtime through the platform.
Better Wealth is a mobile friendly, household inclusive and educates through a range of mediums for easy interaction.
We are laser focused on ROI and are trusted and used by leading brands and organisations who seek to invest in their employee benefits strategy.
**Gallagher’s Employee Financial Report
Chat to us to learn more about the solutions we offer that will help your employees take control of their finances.