The importance of financial wellbeing in the workplace
Blog by Margaret McCloskey, Northern Ireland Partnership Manager at the Money and Pensions Service
Blog by Margaret McCloskey, Northern Ireland Partnership Manager at the Money and Pensions Service
While the strategies mentioned below are UK-based, the importance of implementing a financial wellbeing strategy in your organisation should be of interest wherever you are based.
Financial wellbeing is not about how well you remunerate your workers. Research from two studies found that “financial capability support was effective across the pay spectrum” (the RBS Young Workers Study) and two employee groups to have the most money worries were those earning between £10k-£14k and those earning more than £100,000 (Salary Finance’s ‘Employer’s Guide to Financial Wellbeing in 2018-19).
Money is emotional. It’s the roof over our heads, the food on our table and the clothes that we wear. MoneyHelper is uniquely placed to empower and inform you of your choices and improve your financial wellbeing across your lifetime. It will also link people to other free support services, should that be right for them.
It’s knowing what to do when things go wrong and being able to use advice and guidance services to help find a way forward, when you need it. And lastly, it’s about having access to a partnership manager that can support your business needs and, when the time is right, naturally move your business to the next financial wellbeing phase, with free support.
If you are interested in learning more about implementing a financial wellbeing strategy, please contact me: Margaret.McCloskey@maps.org.uk
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