Financial wellbeing as a measurable employee benefit
Helping organisations to assess their employees’ financial wellbeing and implement solutions to help them have more control over their personal finances.
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.
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”*.
There are multiple definitions, all with a common theme, which can be summed up as:
• Confidence – to make informed decisions about 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.
• 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.
Why should it be part of an employee benefits package?
Organisations that offer employees financial wellbeing services are providing a valuable benefit that goes beyond the financial benefits of money management.
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.
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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.
How do employers benefit?
Including employee financial wellbeing as part of a company’s benefit strategy can also lead to a number of tangible benefits for the employer, such as:
• 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
• 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
How can Gallagher help?
As experienced employee benefits consultants we understand that what individuals know, feel and do about money and their personal finances has a direct impact on their emotional, mental, and often physical health.
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.
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.
Better Wealth Program®
Gallagher's Better Wealth program is ready to support your employees in
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.
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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.
Why choose us?
Gallagher has over 25 years’ experience helping employees to understand the complexities of money and deploying technology and solutions that deliver a measurable impact on employee financial wellbeing. Our solutions have been designed to help employees feel more in control of their personal finances and reduce financial stress.
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.
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.
Welcome to a new view
on financial confidence.
With 70% of employees admitting to dealing with personal finance matters at work, employers who adopt a robust, relevant and individualised financial confidence program bring a valuable and long-lasting benefit to their employees while fueling organisational performance.
*Money & Pension Service, The UK Strategy for Financial Wellbeing 2020-2030, 2020
**Gallagher’s Employee Financial Report
**Gallagher’s Employee Financial Report
A single unique approach.
Our strategic benefits consulting is part of our unique approach to your organisational wellbeing. It’s an approach with a strategy; one that brings benefits, reward, communication and financial wellbeing into a single plan for your organisation. We call it Gallagher Better Works℠.
Chat to us to learn more about the solutions we offer that will help your employees take control of their finances.