Financial Education – Employee Benefits Research
Over recent years, financial wellbeing programmes have developed from a ‘nice to do’ to a ‘must do’ and to make financial wellbeing a success in the workplace, organisations must have a clear strategy and understand what it is their employees need and how and when they want it to be delivered.
Recent research conducted by Employee Benefits asked organisations if they were currently providing financial education. 36% said they do and to all staff and 26% said they do not, but are considering it. Only 18% responded with they do not and have no plans to do so in the future.
It’s clear there is an increase in organisations providing financial wellbeing programmes compared to previous years, but how are they implementing financial wellbeing and what are they using to deliver their financial wellbeing strategy?
The Employee Benefits research suggested that among those respondents who offer financial education:
- face-to-face delivery was the most popular method;
- the use of intranet sites was the second most frequently used;
- a 7% increase of the use of online tools and modellers suggested that technology-based methods of communication may be becoming equal to face-to-face approaches; and
- there was a 17% increase of organisations using specialist financial education providers compared to last year
The research also showed that 35% of respondents are using internal departments or resources to provide financial education. 33% said they use a pension provider and 32% are using a specialist financial education provider.
Whether you’re planning to do it yourself or get some support from an expert, developing a financial wellbeing strategy does not need to be complex, it’s a simple case of listening to your workforce. Once your strategy is in place it means that you’re no longer taking a shot in the dark and hoping that it pays off and for your employees, it means that they are catered for and that they are given helpful information, relevant to them.