The importance of supporting employees.

Advice

Discussing the importance of supporting employees with adequate financial education and advice in the workplace, Jonathan Watts-Lay, director, WEALTH at work, comments: “It’s not uncommon for employees to face financial worries at various stages of their life whether that is dealing with spiralling debt, concerns over retirement savings or simply making the monthly budget work. This is clearly having an effect on the workplace – our latest research with Reward found that 66% of employers said that financial worries caused increased levels of stress, 44% said it resulted in lower productivity and 38% said that it lead to absenteeism due to personal financial problems.”

Watts-Lay continues; “Employers can help improve their employees’ financial wellbeing by providing them with the knowledge to make informed decisions by integrating a financial wellbeing strategy. This should include financial education and guidance to help employees understand how to maximise their workplace savings and benefits in the context of their overall financial position. Employees should also be supported with access to a financial advice service to help them understand their personal financial situation, whether they’re saving for their future or selecting their retirement income options. This complete service offering helps employers support employees to make informed decisions to improve their financial wellbeing throughout their career and to maximise income at-retirement.”

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