January 25 2023 | Team nudge
The ultimate financial wellbeing program [webinar write-up]
Watch our webinar on-demand and learn how to create the ultimate financial wellbeing program
2 min read
Yesterday, two years to the day since the UK went into lockdown, the chancellor delivered his Spring Update in the UK. Things have changed drastically since Sunak delivered his Autumn Budget and against a backdrop of rising inflation, a cost of living crisis, and the economic impact of the war in Ukraine, there was pressure on the government to act.
The main announcements that will impact the majority were:
Our job at nudge is to take all the noise that’s happening in the world of finance and translate that into personalized, practical guidance on what action your employees should be taking. So, we’ve outlined exactly what these changes mean:
Behind the headlines, we know that the tax cuts only offset a 3rd of tax rises over the last year and a 6th over the last 2 years and that inflation is set to increase to nearly 10% over the next 6 months - yesterday’s Spring Statement is a stark reminder of the need for financial wellness.
We know that having confidence and control over your money comes from improved financial skills and knowledge, so I wanted to share how we are supporting our clients over the next few hours, days and weeks:
We understand that many organizations have rich benefits packages – so we’re encouraging our clients to utilize nudge to showcase further financial support following the announcement, such as discounts or hardship loans.
As we face the biggest drop in living standards since 1956, what are you doing to support your people?