Employees seek financial well-being support at all ages

Financial wellbeing is becoming a workplace priority with the latest survey from Punter Southall revealing that 38% of HR professionals said poor financial wellbeing affects their employees.

Only 11% felt their 50-something colleagues were affected by poor financial well-being, highlighting a common misconception that older workers are more financially astute.

Other key findings showed that pensions, followed by flexible working and mental health support are the three employee benefits HR teams their employees value the most.

Punter Southall Aspire’s CEO Steve Butler said: “Wellbeing is on everyone’s mind. As the cost-of-living crisis escalates, employers have come under increasing pressure to support their staff. Financial concerns can affect all age groups and incomes and very few people are immune to the extraordinary rise in costs we are experiencing right now.

“Whilst some businesses recognise this, our survey showed others felt it was only younger workers affected by poor financial wellbeing. This isn’t true. Older workers moving closer to retirement have less time to save, and many aren’t as financially clued up as some might expect

Looking after the financial wellbeing of the entire workforce is becoming a priority as money worries can have a big impact on health and wellbeing.”

“Engaging people with their money, savings, and pensions by providing financial education and guidance is key to looking after their financial wellbeing, which in turn can boost the overall health and wellbeing of the workforce. It can help younger people budget and manage their finances now, plus encourage them to save more for the future, and for those heading towards retirement it can enable them to make better decisions.”

A recent survey by Nuffield Health showed the cost-of-living crisis has dealt a major blow to the nation’s health, with many adults reporting it has had a negative impact on their physical health (60%) and mental health (59%) in the past year.

Steve adds: “We’ve developed a financial wellbeing box set for employers to help their people make the right decisions, whatever age and stage they are at in their lives and career. This can enable firms to make a tangible difference to the financial wellbeing of their workers.

“From tax and budgeting to pensions and inheritance, we’ve designed this set to be accessible and practical. Investing in this tool demonstrates a commitment to supporting the workforce and can be a valuable extra benefit to boost recruitment and retention.”