Global Money Week: The Importance of Financial Education

If you’ve ever found yourself staring at your payslip wondering where all your money went before it even hit your account, you’re not alone. Financial education is key, and during Global Money Week, it’s more important than ever to recognise its lasting impact on how we manage our money. For employers, it’s becoming clear that financial wellbeing isn’t just a personal issue, it’s a workplace one too.

According to the Office for National Statistics (ONS), nearly half of students (49%) report experiencing financial difficulties, with 16% saying they’re in major financial trouble (ONS, 2023). And it’s no wonder 58% of students say their loan doesn’t cover their living expenses, meaning they must turn to part-time jobs, family support, and even debt to make ends meet.

For HR professionals, this should set off alarm bells. These students are tomorrow’s employees, and many are already stepping into the workforce with financial stress weighing them down.

Fast-forward a few years, and these same individuals are in the workplace, trying to balance rent, bills, and the rising cost of living often without the tools to do it effectively.

But it’s not just future employees facing these challenges. Your current employees are also struggling with money worries and a lack of financial knowledge, which can lead to stress, absenteeism, and reduced productivity, ultimately impacting overall workplace wellbeing.

And here’s the reality: 78% of students worry that financial strain is affecting their academic performance (ONS, 2023). If money worries are already disrupting their studies, it’s safe to assume the same will happen in the workplace unless employers step in to provide the right support.

Financial education as a workplace benefit

So, what can HR teams do? One of the best ways to support staff retention and overall engagement is to offer financial wellbeing benefits as part of a wider employee benefits package.

At Lifetime our employee benefit includes:

• Financial education content – Through engaging monthly videos and newsletters hosted on a dedicated hub, we help employees build confidence in budgeting, saving, and investing.
• One-to-one financial coaching – Employees can connect with a financial coach for personalised guidance to help them get on the right track.
• Monthly webinars – Live sessions with our financial experts cover a range of relevant topics. If employees can’t attend, they can catch up later with on-demand replays.
• Expert support when needed – For those who want to take their financial journey further, access to a financial adviser is available for tailored assistance.
• A free annual financial plan – Each year, employees can create a personalised financial plan with insights from our coaches, helping them map out their future goals with confidence.

A competitive advantage for employers

Offering financial wellbeing benefits isn’t just a ‘nice-to-have’, it’s a competitive advantage. With staff retention and engagement being ongoing challenges, companies that actively support their employees’ financial health are more likely to attract and retain top talent.

The reality is, financial stress doesn’t clock out at 5 p.m. If employers want a motivated, productive workforce, tackling financial education now is key. Because let’s face it, no one does their best work when they’re losing sleep over money.

Looking to introduce financial wellbeing into your employee benefits strategy? Book a demo with our team today!