What is financial wellbeing?

Financial wellbeing isn't about having lots of money or a really well paid job; it's about feeling secure and in control. It's about knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future.

Why workplace financial wellbeing?

Financial concerns are the biggest contributor to poor mental health and a recent study found 49% of employees want more financial health support from their employer[1]. In the UK, 79% of companies have a wellbeing strategy[2], but until recently the focus has been predominantly on mental and physical wellbeing; this is now changing quite rapidly.

There is a clear business case for workplace financial wellbeing. Studies have found that worrying about finances results in productivity and retention issues for companies, which cost the equivalent of 13-17% in payroll costs alone[3].

Financial wellbeing solutions are often cost-neutral to companies. Given that only 1 in 8 people are currently saving enough for retirement[4], when provided with holistic tools to plan for the future, most people will increase their workplace pension contribution. For the UK median salary, the reduction in National Insurance contributions associated with a 2% increase in pension contributions makes a wellbeing strategy cost-neutral.

What does a good strategy look like?

The key is providing access to the right tools, insights, and education and having the data to measure the impact.

Workshops and seminars are great to build confidence and bridge the knowledge gap but, if they're not paired with access to the right tools to action the learnings, they are less likely to be impactful, change behaviours, and actually increase financial wellbeing in the long term. As remote working becomes more normal, tech solutions are especially important as they can be accessed anywhere at any time.

Moneyed takes a holistic approach to financial wellbeing and combines workshops with tech. We enable people to get on top of their budget, set good financial foundations, and build a personalised plan for the future. We provide anonymised and aggregated statistics to help understand engagement and overall financial health.

When is a good time to start?

Right now. At Moneyed, we understand how busy HR and People leaders are, so we work hard limit additional work you need to do. Simply, put a kick-off workshop into your colleagues' diary, tell us what reporting metrics you're interested in seeing, and we will do the rest (keeping you completely in the loop, of course!). Get in touch to learn more.

[1] Employee Wellbeing: The State of the Nation's Financial Health (LCP, May 2020)
[2,3] UK Employer's Guide to Financial Wellbeing 2018-19
[4] UK Financial Conduct Authority data