It’s not uncommon for individuals to face financial worries at various stages of their life – whether that is dealing with debt, concerns over retirement savings or making the monthly budget work.

The link between debt, money worries and stress, with lower productivity and absenteeism is  increasingly recognised by employers.

The impact of financial worries on employees:

financial worries

Reward: Wellbeing in the Workplace 2018 Survey

 

Many are now looking for ways to prevent these issues by supporting their employees to make better financial decisions throughout their career. This can range from helping employees understand how the can save for a deposit to buy their first home, or how to manage a monthly budget, or providing support on how best to take income at-retirement.

See our services to find out more.

Freedom and Choice in pensions has increased the risks and complexity that employees and members face in the lead up to and at-retirement including; falling for a scam, buying inappropriate retirement products, paying more tax than necessary, running out of money, or not understanding the risks around defined benefit pension transfers. As poor financial choices made at-retirement can impact an individuals’ income level throughout their retirement, many employers and Trustees are now realising that supporting employees and members at this stage is vital if they are to optimise their income in later life.  See our retirement income options service to find out more.

We monitor the effectiveness of every financial education session we run and have received feedback from hundreds of thousands of attendees. From this, we find that on average, using a 5 point scale, knowledge of the subject improves from a score of 2.6 before financial education to 4.2 following it. 64% of individuals also go on to seek further guidance or regulated advice following financial education.

The effectiveness of our retirement planning programmes was recently proven in a study provided* by one of our clients whose employees had attended a programme of retirement planning seminars. The results found that over 61% of their employees said they had taken specific financial actions as a result of attending the retirement seminar. Of these;

  • 77% made Additional Voluntary Contributions
  • 30% made share plan contributions
  • 23% made ISA contributions
  • 30% arranged a meeting with a financial adviser

*FTSE 100 client – 2018

WEALTH at work is a specialist provider of financial education and guidance in the workplace supported by regulated advice for individuals.  This service helps employees make informed decisions to improve their financial wellbeing throughout their career and to maximise income at-retirement.

We pride ourselves on the quality of our work and commitment to service which has resulted in many of the UK’s largest companies retaining our services.

As there is a growing need to provide support for pension scheme members at-retirement, Trustees also find that our services helps their members to fully understand their options at-retirement, which leads to improvements in their retirement outcomes.

We have educated hundreds of thousands of employees and members over many years, covering a range of subjects from general financial awareness to retirement planning.

See what our seminar attendees say about us.

Companies of varying size and sectors engage with our services. We design tailored programmes for each client to ensure it meets their objectives.  Fees therefore vary dependent on the exact requirements.  Please contact us if you would like to receive a quote for your organisation.

Our consultative approach combined with our knowledge and industry experience ensures that we understand your objectives from the start and our experienced Corporate Relationship Managers will work with you to create a programme tailored to your needs – whether it is a programme to improve employee financial wellbeing, encourage increased take-up of benefits, a series of share scheme seminars to highlight key benefits and risks, or providing support on how best to take income at-retirement. See our approach for more information.

Yes, we have presenters based in regions across the whole of the UK, and together our team are able to deliver programmes at multiple sites.  Furthermore, as well as classroom based delivery, we can deliver our programmes via a range of other methods, for example online with webinars, interactive games, webcasts, animations and tailored microsites.

It can be a common area of confusion.

Financial education or guidance can help employees and pension scheme members understand financial considerations in a generic sense; whereas regulated financial advice helps individuals understand their personal financial situation and provides recommendations based on what is suitable for them.

If you would like to find out more information about WEALTH at work please contact us.  We will endeavour to answer your question as quickly and as thoroughly as possible.

Latest News

The changing DB transfer market.

The changing DB transfer market.

20th November 2019

Jonathan Watts-Lay, Director, WEALTH at work, joins PMI to discuss recent changes surrounding DB transfers.

Tips for employees to avoid getting into debt this Christmas.

Tips for employees to avoid getting into debt this Christmas.

5th November 2019

Top ten tips for employers to share with their employees on how they can avoid debt this festive season.

Less than one week to go until new pension ‘wake up packs’.

Less than one week to go until new pension ‘wake up packs’.

29th October 2019

Pension providers have been told they have to significantly reduce the size of the 'wake up packs'.