As the nation enters its third period of lockdown in a year, many employees and their employers will be struggling to cope with the fallout. Although there is light at the end of the tunnel in the form of COVID vaccinations, things are unlikely to improve significantly until at least the spring. This means us all having to get through two of the coldest and most miserable months of the year with minimal social contact.
The potential impact of this on employee mental health should not be under-estimated, and employers will want to continue to invest time and budget into supporting their employees to remain well.
One of the significant ways in which employees’ mental health may have been affected is in relation to concerns about their finances. As a consequence of the pandemic, many businesses have had to furlough employees or, in the worst-case scenario, make them redundant. Even if your employees haven’t been directly impacted, their close family may have been. The pandemic’s likely impact on their personal finances and the nation’s economy will undoubtedly have caused employees to reflect on their own situation and the extent to which they are financially prepared for all eventualities. This could lead to anxiety or uncertainty about the future, which could manifest itself in mental illness or inability to focus at work.
Good financial advice helps to improve people’s emotional wellbeing. We know that it makes them feel more confident than those who have received no such advice. We are also aware that a substantial proportion of the population is facing increasing financial challenges, but may feel ill- equipped to deal with them.
Employers can help to alleviate these worries by providing employees with access to expert financial advice and guidance. That’s why, we’re delighted to introduce a new service, in partnership with financial education experts, Better With Money.
The Better With Money programme offers a series of webinars (or face to face seminars, when restrictions are lifted) that cover two broad areas:
Pension Engagement Programme
Individual or group sessions that help employees understand:
- The value of their current pension
- How to avoid any unpleasant surprises in the future and to change plans if things aren’t on track
- How to avoid common pitfalls
- Action that they can take to get the most out of what they already have.
The exact content of the webinars can be adapted to suit the current situation and life stage of the attendees.
Financial Wellbeing Programme
A number of topics can be covered, dependent upon attendees’ stage of life and current need. These include:
- How to be better with money – an introduction to budgeting, debt, savings and investments and money saving tips
- Tackling debt – borrowing basics, how to prioritise and consolidate debt, debt help and budgeting
- How to improve credit ratings – why credit ratings are important, the information used to calculate credit scores and the steps that can be taken to improve them
- Help for first-time home-buying – how to increase chances of mortgage success and the pitfalls to avoid
- Avoiding identity theft and fraud – how to protect personal data, avoid scams and actions to take if you’re the victim of fraud
- Protecting yourself and your family financially – the importance of insurance and wills when planning for the future
- Starting out right – a guide for graduates to understand choosing the right bank account, paying off student finance and understanding their payslip.
If you are interested in these programmes, please do contact your Brunsdon Employee Benefits Consultant.
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