Did you know…?
55% of employers don’t offer any support to improve financial wellbeing, but 77% of employees admit worrying about money at work, which affects productivity, talent retention and absence rates. (REBA, 2019)
Mothers are 1.5 times more likely than fathers to have quit or lost their job due to COVID-19. (IFS, 2020)
Around one third of older workers say that the pandemic has impacted them financially. (IFS, 2021)
Part-time workers, young people and the self-employed are among those worst hit financially by COVID-19.
Your workforce or their families may be struggling financially after the impact of COVID-19. Talking about money with your colleagues or workforce may seem taboo, which is exactly why we need to be getting these conversations started. Financial wellbeing has a big impact on mental wellbeing and stress levels in the workplace.
The pandemic has highlighted the importance of having a savings pot to support you through emergencies such as job loss, or reduction of hours. Employers can support their workforce by setting up a payroll savings scheme with a credit union, like Chorus.
Here are some great tips for helping you encourage your team to talk about money:
- Use Talk Money Week to help you make a case for a financial wellbeing as part of your wellbeing strategy, involving your colleagues, leadership, finance and HR functions.
- Launch a staff survey to help you understand your colleagues’ money worries, and what support they’d find helpful.
- Promote the support your organisation offers at key life stages such as retirement and parental leave.
- Promote the financial wellbeing support you provide, such as employee assistance programmes, workplace pensions, childcare vouchers, season ticket or cycle loans, a credit union partnership or pre-retirement support.
- Signpost to the Money & Pensions Service free money guidance, debt advice, pensions guidance and online tools in your internal communications. Their step-by-step Couch to Financial Fitness programme is a good place to start.
- Organise a financial wellbeing fair to showcase what is available. Invite providers who deliver workplace-based support such as financial education or advice to promote their services to your people.
- Use Talk Money Week to launch new employee financial wellbeing support services, such as a payroll saving scheme, partnership with a credit union, payroll-deducted interest-free loans, or hardship support.
#talkmoneyweek is 8th to 12th November, 2021
