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Financial wellbeing

Author: Maggie Williams

Summary

  • The coronavirus pandemic has had an effect on many employees' personal finances that is likely to last into the medium and even long term, so HR may need to reconsider the focus of an existing financial wellbeing strategy or introduce a new strategy to support the workforce. (See Financial wellbeing during the coronavirus crisis)
  • Financial wellbeing is not just about reducing debt or helping low-paid employees who are struggling. An effective financial wellbeing strategy will support all employees to get the most from their money and achieve their financial goals. (See Getting started with financial wellbeing)
  • Being able to articulate clear reasons for introducing a financial wellbeing programme, and how the business will benefit, will be crucial to building the business case and getting board buy-in. (See The business case for financial wellbeing)
  • A good financial wellbeing strategy will blend appropriate products, financial education, guidance and advice, good communications and some "nudging" to guide employees in the right direction. (See Developing a finanical wellbeing strategy)
  • Potential areas to consider include budgeting and planning, ways of making pay go further, debt management and building a financial safety net. (See Employee benefits and services that support financial wellbeing)
  • Well-planned communications to ensure that employees understand the benefits and help on offer will be key to an effective financial wellbeing strategy. (See Communications and engagement)