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The release of our latest Financial Wellness research, The Financial Wellness Playbook 2018 reveals 91.8% of HR and reward professionals believe that a Financial Wellness strategy is best delivered by an ongoing programme of Financial Education, combined with access to appropriate employee benefits.
London, UK: Nine out of ten (91.8%) HR and reward professionals believe that a Financial Wellness strategy is best delivered by an ongoing programme of Financial Education, combined with access to appropriate employee benefits. The finding is one of many published in ‘The Financial Wellness Playbook 2018’ – new research released by Nudge.
The need to improve Financial Wellness amongst employees is now well understood, with a quarter of respondents to the research (27.5%) reporting that levels of financial stress in their organisation are greater than twelve months ago, and seven in ten (71.9%) saying that financial stress levels have not improved in the past year.
When employers are considering investment to tackle this issue, the majority of respondents felt that employee feedback (76.6%), competitor benchmarking (66.1%), the costs of absence from stress (64.3%), and data showing usage of their EAP scheme (53.8%) would support a business case in their organisation.
The Financial Wellness Playbook 2018, brings together research from organisations employing 1,516,733 UK employees, data analysis from the Nudge Community, and tips from leaders in the HR and reward community, and assesses how to design, build and maximise a successful Financial Wellness strategy.
The three main needs respondents see fuelling employee demand for Financial Wellness solutions in 2018 include, borrowing and managing debt (65.7%), being able to budget to live within income levels (65.1%) and childcare costs (58.7%). When it comes to selecting a suitable supplier to assist them, the majority of HR and reward leaders take into account nine different factors – with independence (from provider and product bias) and the inclusivity and accessibility of the service of primary importance to eight in ten respondents.
Jeremy Beament, Director at Nudge comments: “In 2017, the Financial Wellness market exploded with pensions, engagement and wellbeing the major drivers. Although it’s positive to see such widespread understanding of why there’s a clear business case to improve employees’ Financial Wellness, the gap between this aspiration and the support organisations currently provide, remains wide.”
Jeremy continues: “A joined-up Financial Wellness strategy will comprise of a comprehensive Financial Education combined with access to the relevant employee benefits. Each element should promote the others, cohesively making the strategy greater than the sum of the parts. Despite this, our research showed that surprising few organisations have created an integrated Financial Wellness strategy.”
A full copy of The Financial Wellness Playbook 2018 can be downloaded here.
About “The Financial Wellness Playbook”
The Financial Wellness Playbook 2018 is based on:
- Financial Wellness research with 205 UK organisations employing 1,516,733 employees in the UK, conducted between October-November 2017.
- Data analysis (Nudgenomics) from the Nudge Community.
- Tips from leaders in the HR and reward community, on how to design, build and maximise a successful Financial Wellness strategy.