IFW Partner Member Worklife has provided a commentary to the publication Health & Protection for a feature piece about financial wellbeing. You can read the full feature, which has a strong cost-of-living angle, here.
Worklife has kindly agreed to let us publish the full answer from Paul Chedzey, Commercial Director of WorkLife.
If ever there was a time to rise to the challenge of fighting for financial wellbeing, this is it. Being aware of how you feel about money and what triggers poor decision making are fundamental to being able to survive a financial crisis and having the financial freedom to enjoy life.
The extent of your financial wellbeing is determined by how you feel about your financial situation, not just by how much you have in the bank. Not feeling in control with enough money to meet your needs significantly impacts mental wellbeing. That not only impacts the individual wellbeing of employees, but also productivity.
Businesses of all sizes are looking for support to help their employees improve their financial wellbeing – because it’s the right thing to for the individuals they employ and for their business. There should be an obligation on employers to provide financial awareness and education to their people. Research we conducted last year – the WorkLife Small Business Monitor – showed that 95% of SME business owners and decision-makers are concerned about the financial wellbeing of their employees, and it’s why the financial aspect needs to be at the heart of employee benefits.
So, we applaud the efforts of big brands who are working to support their own employees in this area; but we want to ensure every employee gets access to the best available support across all areas of financial wellbeing. That’s why we’ve been working closely with the Institute of Financial Wellbeing, to offer a meaningful first step to improving the financial wellbeing of employees across the UK, regardless of where they work.
Most employee benefits platforms will offer access to discounts and cashback, but financial wellbeing is so much more than this. Saving money here and there will make a difference on the bank balance, but financial wellbeing is about making better financial decisions overall and that looks beyond immediate money matters. You can save a few quid on buying a pair of trainers for example, but do you really need them now, do you need to spend the rest of that money on them?
Our collaboration with the Institute for Financial Wellbeing is a platform that brings together in one place practical and hands-on support for employees which will empower them to take control of their finances and to get the most from their money – through learning, coaching, and advice.
As the cost-of-living slowly comes down, there will still be something impacting people’s financial situation and a need to make their money go further. It’s not a case of stopping support once the cost-of-living comes down, but employers being a driver to help their employees engage knowingly with the financial decisions they make so that they can understand the impact it will have on them now and in the future, and so that they can be ready for any eventuality.
