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What financial wellbeing benefits are most important to employees?

financial-wellbeing-preferences

In the Employer’s Guide to Financial Wellbeing 2018-19, we found that 40% of UK employees have financial worries and that these worries are having a detrimental effect on their performance at work.

 

The positive news for employers is that they are also open to turning to their employer for financial support.

 

  • 45% of employees feel that their employer cares about them and their wellbeing.
  • 77% trust their employer to keep their personal financial situation private from their colleagues and manager.

 

Understanding different employee demographics

As part of the research, we developed a Financial Fitness Score which is based on responses to questions about their money habits, resulting in a score from 1 (‘Not in Control’) to 5 (‘Financial Freedom’).

 

We asked respondents what financial wellbeing benefits they are most interest in. Employees at every score welcomed these benefits but there is significant variation in the most relevant benefits depending on their levels of financial wellbeing.

 

 

Employees value benefits in different ways

Low-scorers are those who experience greater financial uncertainty. Perhaps unsurprisingly, they prefer financial employee benefits that help them in the short-term.

 

The most desired benefits for those with a score of 1 or 2 are:

 

  • High acceptance low-interest loans
  • Access to a financial advisor
  • Pension advice
  • Support with childcare

For people with mid-to-high scores there is more emphasis on the future:

 

  • Pension advice
  • Pension top-up
  • Access to a financial advisor
  • Healthcare cash savings plan

 

What does this mean for your financial wellbeing strategy?

No employee is the same and neither is their financial situation. A range of financial wellbeing benefits will be needed to be relevant to all of your employees. In doing so you can increase productivity, job satisfaction, and significantly decrease stress.

 

Read the full Employer’s Guide to Financial Wellbeing to find out more.

 
 

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