Providing information to employees about financial matters is something some employers are uncertain about, with just half (50%) saying they would be able to provide information to staff on debt issues and over a quarter (27%) admitting they aren’t convinced they could provide information on saving for retirement.
The need for support is very clear. Poor financial wellbeing is felt by the individual themselves, but with 4.2 million days currently lost each year because of poor financial wellbeing, the effect on the bottom line is also being acutely felt by businesses.
The guide outlines the vital role a business can play to support staff, highlighting the simple steps that can be taken to support staff with their finances and ultimately increase the financial wellbeing among their workers. Often it’s simply a case of helping employees to understand the benefits they have access to.
Ronnie Taylor, Chief Distribution Officer at Aegon, commented:“Employers have a key role to play in helping to maintain the financial wellbeing of its workers. We know that worrying about money can be all consuming, making it difficult to concentrate and having a major impact on an individual’s work and home life. Improved engagement with financial issues is one way of addressing this and often simply making employees aware of the benefits they have access to can make all the difference.
“The ultimate cost of employees not engaging fully with financial issues can be massive. The deterioration of an individuals’ financial wellbeing can lead to lost time by those who are present at work but preoccupied by money worries, or workers taking time off, leading to a huge financial cost to the business.”
To help employers communicate with its employees, Aegon has launched a financial wellbeing hub giving details of services and information addressing a range of concerns employees may have.
This features the Financial wellbeing employer toolkit which includes the new Financial wellbeing employer guide.
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