There needs to be real focus on the financial happiness of employees

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There needs to be real focus on the financial happiness of employees

Lifetime news

Posted on: 17/05/2022

Show your employees you’re serious about their financial future!

Research undertaken by the CIPD over the last few years has shown that financial wellbeing is often overlooked by some organisations compared to physical and mental wellbeing.

Yet money worries are a big cause of stress for employees.

There needs to be real focus – and action – on the financial happiness of a workforce.

Money is tough to talk about, even with those close to us. Only five out of 10 workers surveyed by Lifetime said they were confident and knowledgeable about general financial matters.

And only 27% said that they have a clear idea about when they will be able to retire.

In 2022 that needs to change.

Discussing money worries with your employer could, to a lot of people, be a rather uncomfortable situation, so having an independent, trusted service can help overcome that barrier.

Enjoying good financial wellbeing isn’t just about debt or about being hard up, it’s about engagement with all aspects of your personal finances and how that links to your professional life too. It’s about education – understanding and demystifying personal finance, starting with the basics like how to read a pension statement.

Employers who offer financial education and guidance, through online Q&A’s, workshops or webinars can start to help their people avoid financial shocks.

Employers may already be offering such benefits as gym memberships, savings on shopping, or a cycle-to-work scheme.

They are good benefits to have, of course, but here at Lifetime we believe that they need to go hand in hand with a benefit that includes financial insight, guidance and education, that will support employees through any troubling times they might have when it comes to money.

By showing employees how such a service can help them gain full control over their finances, while simplifying issues such as wills, pensions, savings, investments and mortgages, an employer will build trust.

Education. Guidance. Help. Support. Advice. The right financial wellbeing service is about all of these things.

And you, as a caring employer, can provide such a service.

Let’s talk if you want to provide such a programme for your people: https://www.lifetime-fm.com/employers/


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