Over half of Britain’s workforce (55 per cent) want employers to help with financial planning, new research from Neyber has found.
Younger staff in particular are keen to get more support from the businesses they work for. Over 72 per cent of 18-34 year olds said they would value financial planning information and help. By contrast, just 25 per cent of those who were 65 and older wanted help.
Heidi Allan, head of employee wellbeing at Neyber, said: “In the past, many businesses have been reluctant to get involved with financial education for employees – due to concerns this could be seen as intrusive or unwelcome. What our research clearly shows is that most people want more help. Employers need to stop thinking of employees’ finances as a taboo subject and look at new ways to guide them – whether that’s providing information, education, or products and services which help staff manage their finances.”
Helping employees better manage their finances is a win-win for businesses. When employees worry about money it can lead to stress, mental health issues and extended absences from work. In fact, financial stress costs UK businesses £120.7 billion ever year.
And workers’ financial situations are more precarious than ever. Over a third (34 per cent) of employees have less than a month’s salary set aside. Of those – 14 per cent have no savings whatsoever. Nearly one in five (18 per cent) are not saving any of their monthly salary.
Allan said: “With so little money to fall back on, something as simple as a car repair could leave employees struggling to cope.
“Businesses must support their staff and help them on the savings journey, or risk a workforce that suffers from financial stress, leading to high levels of absences and lower productivity. It’s not just the right thing to help employees manage their finances, it is critical for business success too.”