Financial Wellbeing

As one of the core wellbeing pillars, financial wellbeing is the ability to confidently manage financial life today, while preparing for the future and anything unexpected along the way. Poor financial wellbeing has many downsides, including having a detrimental impact on our health and ultimately our ability to retire.

How poor financial wellbeing impacts our mental health?

Aon’s recent Employee Mindset Study 2020 found that 80% of employees experiencing financial difficulty state that it impacts negatively on their stress levels and mental health.

Employers increasingly feel responsible for their employees’ financial wellbeing, particularly with the ongoing challenges we face in uncertain times.

Key advantages to a workforce with strong financial wellbeing:

• Helps to reduce absenteeism and presenteeism
• Increases engagement, motivation and productivity
• Empowers employees to take control of their own personal and family financial situations
• Reduces finance-related mental health problems
• Helps to increase employees’ ability to retire

Expert support in improving employees’ financial wellbeing

We provide expert support and consultancy on ways to improve the financial wellbeing of your workforce. We can help you with:

• Expert consulting to analyse the financial wellbeing of your workforce and identify its needs
• Advice on the design and implementation of financial wellbeing strategies and tactics to meet those needs, including:
  • Strategy development and design
  • Financial wellbeing survey design, delivery and analysis
  • Implementation
  • Building a business case for investment
  • Financial planning & educational workshops
  • Financial wellbeing portal
• Personalised Employee Communications targeting the right employees at the right time through various channels to suit your workforce
• Data & insights (anonymized) of the financial wellbeing of your workforce.

Where to start?

Financial Wellbeing will be different for each person. Reaching a strong level of financial wellbeing doesn’t have to be as complicated as you might imagine. It’s about getting an understanding of the situation, identifying the good habits, seeing where improvements can be made and finding the right balance.

In order to implement an effective financial wellbeing programme, it’s essential to first understand the financial behaviours, situation, opinions and goals of your workforce. The starting place to measure and identify this is with an employee survey. We’ll provide strategic direction, communications support and the relevant tools to help you and your employee’s reach your objectives.

Useful resources:

5 Steps to Financial Wellbeing

Aon’s Financial Wellbeing Study 2018

 

To discuss in more detail, please contact Carraig Rushe on +353(1)266 6270 or [email protected]. Alternatively, please complete the below contact form: