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Employee health at risk from poor financial wellbeing

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A third of UK employers (34%) think that high employee stress levels are a direct consequence of their staff not having enough savings, including pensions, according to the latest Close Brothers Business Barometer.

A further 25% have seen employee health issues arise due to money worries, and 14% have seen higher absenteeism for the same reason. Only 17% of employers think that poor financial management by their staff has no impact on their business.

Despite this, nearly half of UK businesses (47%) neither offer financial education to staff nor plan to do so. A mere one in five businesses provide financial education to their workforce, and of those, 14% describe the service they offer as ‘limited’.

The most common financial education programmes are delivered via individual face-to-face meetings, with 37% choosing this method. 35% include group face-to-face conferences and workshops, while 25% use web-based seminars. A further 26% include email education in their programme, and 23% use an online platform. More unusual methods include post (9%) and texts (4%).

Those who offer financial education do so for a variety of reasons. Employers see it as a valued employee benefit (40%), as well as a way to improve employees’ financial wellbeing (37%), and because it’s part of the businesses’ people strategy (33%).

Top 10 reasons to provide financial education
It is a valued employee benefit 40%
To improve employees’ financial wellbeing 37%
It is part of our people strategy 33%
To improve employee engagement 25%
To ensure employees understand and make the most of all employee benefits 22%
To improve employee productivity 21%
To support engagement with our pension scheme 17%
It represents our culture and brand values 14%
To assist in talent acquisition and retention 11%
To support leavers 10%
To help fulfil our strategic business objectives 10%
To reduce absenteeism 6%

 




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