Helping to increase your employee's financial resilience and gain a sense of control over their finances can significantly reduce one of the biggest stressors in their lives, money worries. By addressing this source of anxiety, often linked to sleepless nights, strained relationships, and burnout, you can foster a more focused, engaged, and productive workforce.
The importance of employees taking a proactive approach to their financial wellbeing is undeniable, and so is the business case for supporting it. This is why there has been a surge in workplace financial wellbeing initiatives in recent years, as employers recognise the clear benefits of fostering a financially secure workforce. To-date, those initiatives have largely had to stop short of providing tailored financial advice, due to costs.
Up until now, only 10% of UK adults have been able to afford any kind of personal financial planning and advice.
But the impact of having a tailored financial plan can be life changing, no matter your financial situation. It’s not about how much you have; it’s about making the most of what you’ve got and planning for the future with confidence.
Having a plan, one that clearly outlines what steps to take and how to progress toward your goals, should be within everyone’s reach. As should having the tools and guidance to get yourself back on track if a life event knocks you a little, or a lot, off course.
Source: The Advice Gap 2024 - The Lang Cat
