Lessons from America

Jonathan Watts-Lay, Director, WEALTH at work comments in the latest issue of Reward Magazine about how financial education is a growing trend in the US. The slow but gradual trend towards employers offering holistic financial education addresses personal debt as well as savings in the UK.

Watts-Lay also advocates that ensuring employees appreciate what they are offered can help cut staff turnover. “We’ve had clients who carry out staff surveys each year and despite offering good salaries and benefits in the top quartile for their sector, significant groups of employees are not happy and feel the grass is greener elsewhere. What’s the return on investment in that? If they can reduce staff turnover by, say, 10%, then that is measurable.” Risk management is also a cause for concern, and financial education can help combat this. Watts-Lay comments “Employer’s don’t want employees to turn around at some point in the future and say: ‘I’ve got a massive tax bill for something you haven’t explained properly.’ There is a big risk attached to that.”

To read the article in full, please see the latest copy of Reward.

 

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