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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
- 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
- Aon’s Well One Health & Wellbeing app, incorporating physical, social, emotional and Financial Wellbeing into an overall Health Score
- 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.
To discuss in more detail, please contact Carraig Rushe on +353(1)266 6270 or [email protected]. Alternatively, please complete the below contact form:
Retirement income is one of the most important parts of financial planning. To get you started on this journey, we have developed three guides, each of which focuses on a key stage. Read more.
Employee Mindset Study
Aon’s Employee Mindset Study explores the preferences and attitudes of Irish employees, towards total rewards, employee benefits and financial wellbeing and how well their employers are meeting their expectations in this respect. Read more.