Your employees may be feeling the strain of rising energy and food prices, not to mention this year’s national insurance increase. They may be keeping their concerns to themselves or they may have discussed them with you openly. What is clear is that, as an employer, you could play a vital part in providing comprehensive tools that help not only guide them through this current economic period, but that may support them well into the future.
Why should we help employees to learn about money?
We believe everyone should have access to learn about the fundamental principles of money.
When employees learn how to manage their cash through engaging financial education tools and resources, this may contribute to a greater sense of financial wellbeing, improve engagement and boost happiness at work1.
Money and wellness
Unfortunately, money worries can affect different areas of our lives, such as our sleep, work and relationships. Financial concerns and mental health may often be linked, with one affecting the other in a vicious cycle.
The Money and Mental Health Policy Institute has conducted research that highlights this. A survey carried out in 2021 showed that 55% of respondents feel anxious when thinking about their financial situation, with 41% stating that their mental health affects the type of employment they can do2.
The same research illustrated that suffering from a period of poor mental health can have a knock-on effect on your financial behaviour; 13% found it harder to keep on top of incoming and outgoing expenses and 11% found it harder to make financial decisions.
So, what is the solution?
While the obvious answer may be to have more money, this is neither possible a lot of the time nor a long-term solution.
What could work better for many people is being given the chance to learn about money matters in a supportive setting, increase their confidence to manage their finances and feel a greater sense of control over their fiscal situation.
In order to do this, Brunsdon Financial is proud to have partnered with dedicated financial education provider, Better With Money, to offer comprehensive learning tools to our corporate clients and their employees.
Building employees’ confidence and resilience when it comes to money helps them to be happier, more engaged, less stressed and more likely to remain with you3.
Where to begin
- Start the conversation – Communication between employees and leaders is an important aspect of any business. Having a way to check in with your team to understand how their wellbeing may be being affected by money (or anything else for that matter), would be a good place to start.
- Learn more – Our free Employer’s Guide to Financial Education may provide you with a good level of base knowledge as you embark on this next stage in your employee benefits journey.
- Get in touch – Contact us to see how our financial education programme could help boost your team’s morale and contribute to happier, more financially secure employees.