Financial wellbeing

How employees manage their money and their ability to withstand a financial shock has a direct effect on their wellbeing. Providing a financial wellbeing programme including financial education and guidance on redundancy issues will help employees feel supported.

Financial education and guidance can help ensure those affected understand:

• their redundancy package and ways in which to support day-to-day finances
• ways to manage debt on a reduced income
• how to avoid common tax mistakes and how to make the most of redundancy pay

At-retirement support

For employees facing redundancy but also approaching retirement, providing financial education and guidance is essential to understanding whether retirement is a possibility. It can help them understand:

• how redundancy affects both their workplace pension and State Pension
• whether they can afford to retire
• how redundancy pay can directly boost their pension savings

This is supported by regulated financial advice where appropriate.