Employee wellbeing report
Pensions & benefits Financial wellbeing Personal financeIn our survey of 10,000 UK employees we explored financial confidence and its impact amongst workplace demographic groups.
Building better financial futures
With a significant number of employees identifying themselves as having diverse needs in respect of interacting with information, this does present benefit professionals with a challenge to ensure communication strategies are effective and multi-faceted to meet those needs.
The cost of living in the UK is finally stabilising but financial confidence is still low for many people. Therefore, employers have a crucial role to play in supporting their staff during these times ensuring that their teams have the training and resources to keep up.
Clear communication and a solid benefits strategy are key. By being transparent, offering good benefits and supporting financial knowledge and understanding, employers can boost morale, engagement and trust.
Building financial confidence in employees is vital. We hope that this report inspires you on your journey to support employees' financial wellbeing and knowledge building.
Building better financial futures
Explore the reportScroll down to explore our key findings
Some of our key findings
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42%are looking for a second job
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67%of those expecting a child said they do not feel confident in dealing with their finances
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1 in 3self-identify as having additional or diverse needs in the workplace
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49%do not feel confident dealing with their everyday money
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52%feel financial pressure impacts their job performance
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More than 1 in 3reported having less than one month's savings (including none)
Supporting your employees
Whilst we can celebrate the steps employers have taken to support the wellbeing of their employees over recent years, we still have a way to go to ensure financial confidence and capability improves across the nation.
Pensions are still high on the agenda being the most valued benefit for those in their mid and late-careers, with half of those surveyed saying that they felt financial education in the workplace would aid their retirement planning.
To help employees build better financial futures, employers need to focus on:
- Understanding your workforce – what are you doing that is helping or hindering employee wellbeing?
- Strategic thinking – aligning your benefits strategy to employee needs
- Communication – consider the needs of wider demographic groups so no-one is disadvantaged
- Financial confidence – empowering employees through knowledge building and tools to support good financial behaviours for today and tomorrow.
We hope the findings and actions contained throughout this report provide meaningful insights into how employees are feeling and help you to consider ways to support them, and we look forward to discussing these findings and strategies to improve wellbeing for your employees in more detail.
Whilst firms cannot give financial advice, they can make sure that employees are signposted to sources of guidance and advice, and can make sure that communications reflect the diverse circumstances of their staff.
Steve Webb Former Pensions Minister and Partner, LCP
