While employee financial awareness remains a top priority in 2024, we explore some initiatives you can implement to support your team.
We often talk about the value of financial awareness because building good money habits is crucial to employee wellbeing.
Employers play a crucial role in supporting their employees’ financial wellbeing, which not only benefits their personal lives, but also contributes to a more engaged, productive and loyal workforce.
Here are six ways you can help your employees to manage their finances better:
Financial education programmes
Workshops and seminars: You can offer in-house workshops on topics like budgeting, saving, investing, and debt management. Additionally, bringing in financial experts to conduct these sessions can provide employees with valuable knowledge and professional recommendations to manage their finances.
Online resources and short courses: Providing access to online financial literacy courses, webinars, or resources allows employees to learn at their own pace. Topics can range from basic financial principles to advanced investment strategies – an additional learning tool to help them understand your company share plan.
Access to financial advisors
Personal financial coaching: You can partner with financial advisory firms to offer one-on-one coaching sessions for employees. This personalised advice can help employees create financial plans, manage investments, and make informed financial decisions.
Financial health assessments: Offering regular financial health assessments can help employees understand their financial situation and therefore identify areas where they need to improve.
Retirement planning assistance
Pension awareness events: Offer internal workshops, webinars and drop-in sessions to get people talking about their retirement, no matter what age group. It’s important for them to understand what they are paying into and how this will affect their future.
Retirement planning: Offering personalised retirement planning services, especially for your younger employees, can help them to make better decisions about their long-term pension savings.
Money management
Emergency savings programs: You can set up programmes that allow employees to automatically direct a portion of their paycheque into an emergency savings account. Some companies even offer matching contributions for these savings.
Debt management support: Providing access to services like student loan repayment assistance, credit counselling, or debt consolidation options can help employees manage and reduce their debt burden.
Employee assistance programs (EAPs)
Financial support: EAPs often include financial services where employees can get help with budgeting, debt management, and other financial concerns. This confidential support can be a lifeline for employees struggling with money worries.
Crisis intervention: EAPs can also help during financial crises, such as helping employees navigate unexpected medical bills, divorce, or other major life events that impact their finances.
Incentives for financial wellness
Bonuses for financial milestones: Some employers offer incentives or bonuses when employees achieve certain financial milestones, such as building an emergency fund, paying off debt, or reaching a retirement savings goal.
Credit score monitoring: Finally, you can offer free credit score monitoring and financial health check-ups with rewards for improving credit over time.
Find out more about our financial education expertise and get in touch for support with your internal communications.
