September 20 2023 | Team nudge
Global benefit edu-action: it's time to make moves
Our latest ebook on how to drive awareness, understanding and action on employee benefits.
3 min read
Our latest research has revealed that young, high-earning employees felt significantly more connected to their employer when receiving financial education benefits. The survey also showed that these employees (those aged 16 to 34 who earn $92,000 or more per year) are 80% more likely to trust their employers, compared to those who do not receive financial education benefits.
The impact financial wellbeing has on the relationship between the younger workforce and their employers is clear - but how do you ensure your strategy is suitable? We’ve outlined 4 top tips for building a program that will meet the needs of your younger people.
#1 Keep it current
It’s near impossible to read the news and not be faced with anxiety-inducing headlines on student debt, inflation, and the increased difficulty for young people to step onto the property ladder. Whilst businesses can’t control macroeconomic factors that cause financial and emotional stress, you can support your people with tools and knowledge to help them best manage their money, and build resilience during difficult times.
By breaking down the headlines with bite-sized personal finance articles on relevant, factual changes to topics most relevant to young earners, you can ensure your employees are not missing a beat. Content that is timely and concise, with clear takeaways and next steps will encourage action and set your people on the path to a bright financial future.
#2 Make it mobile
According to a survey by GOBankingRates, 39% of 18-24 year-olds cited social media outlets as their primary source of financial knowledge. By providing a mobile-friendly financial education benefit - you can intercept misinformation and provide an impartial resource that’s free from ‘finfluencers’ and sponsored content.
Mobile-friendly financial education also allows content to be quickly shared with friends and family via WhatsApp, Messenger or email, and ensures content is accessible on-the-go and from anywhere in world.
#3 Customize communications
If your wellbeing program is underpinned by technology, you’ll have access to unique data insights into your people's financial wants and needs. This will allow you to see if your existing employee benefit offering is meeting their requirements, or where there might be gaps.
Technology allows you to personalize communications related to individuals' goals, and signpost selected resources to fill any gaps in their knowledge. A personalized approach is proven to improve engagement, which will in turn, build users' trust, as well as confidence and skills to invest, save or simply manage their personal finances.
#4 Encourage action
When there’s something your people need to know, or a personal finance action they ought to take, make sure they are informed in the moment via Whatsapp, email, or their preferred channel. By automatically notifying your employees of changes, you can help them prepare for the impact this might have on their finances.
If these notifications link to interactive tools, your people can clearly see the tangible impact their student loan, pension plan or side hustle will have on both their monthly budget and future savings, they will be more inclined to take action.
Combining personalized financial education and step-by-step guides with calculators, interactive budget planners, saving plans and trackers creates the opportunity for employees to learn how to control the things that are within their power: economizing, growing money through investment, and increasing savings, so they can achieve those milestone life moments. Whether that’s preparing for a baby, shoring up an emergency fund or planning a big-ticket purchase.
Our research revealed that young people are 53% more likely to feel connected with their employer when they receive financial education benefits. So grasp the opportunity to engage your younger employees and empower them to take control of their money with impartial financial education.
If you’d like to dive deeper into the research on young, high-earners, download our 2022 global financial wellbeing research.