August 08 2022 | Simon Miller
August highlight reel: Pensions Awareness Week
Every month I take the team at nudge through a concept related to financial planning and wellbeing and this month it was pensions.
GVA Features in Financial Wellbeing Week
During Financial Wellbeing week, Employee Benefits magazine interviewed a Nudge client. They investigated how GVA uses online Financial Education as the basis for their Financial Wellness strategy for its 1,500 UK employees based across its 11 national operating sites.
GVA’s Financial Education programme is designed to provide a joined-up approach to Financial Wellbeing to increase employees’ financial understanding and money management skills, as well as signpost to GVA’s existing benefits provision in order to increase take-up.
Pav Powar, reward and employee benefits consultant at GVA, told Employee Benefits: “We really wanted to develop the strategy to be beyond physical wellbeing. We knew we wanted to progress on that and move on to the Financial Wellness as well, and essentially promote the wider GVA benefits we already offered. By combining Financial Education with access to relevant employee benefits, it makes our strategy greater than the sum of the parts. So we already had the parts but this strategy, this education will make it the whole.”
Pav continued: “For employees, finances are very personal. Employees come in and do their work but wouldn’t necessarily discuss their finances with their manager or people at work; they are personal issues. It’s a personal issue to someone and to come in all guns blazing and have a very invasive strategy wouldn’t get the take-up, and it wouldn’t get the engagement we’re looking to get.”