Employers are under renewed pressure to rethink their workplace financial support packages in light of research [1] that reveals that two thirds (66%) of organisations rate their workplace debt management support as poor, despite government claims that Britons are living through the worst cost of living crisis in a generation.
Half (50%) of respondents also believe that their organisation is poor at supporting employees with budgeting and money management, and 63% believe that their efforts to help employees to build a financial safety net is also poor, according to the ‘Financial Wellbeing Research 2022’ by The Reward & Employee Benefits Association (REBA) in association with WEALTH at work.
REBA’s research also found that pensions and insurances continue to dominate the focus of many organisations and their financial support packages. This helps to explain why the majority (76%) of respondents consider their retirement saving support as ‘very good’ or ‘fair’, while just 37% of organisations rate their support for building a financial safety net accordingly despite the current economic climate.