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Only 33% of people feel that their workplace supports their financial wellbeing

Friday June 07, 2019

Wellness

Posted on: Friday June 07, 2019

Only a third of employees feel their employer does enough to support their financial wellbeing

An online poll by Personal Group reveals that only a third of employees feel their employer does enough to support their financial wellbeing and less than a quarter (23%) feel comfortable speaking about their finances with their employer.

According to the pulse survey*, 41% of employees felt physical, financial and mental health benefits were all as equally important workplace benefits. When asked which financial wellbeing benefits employees would most like to see in their workplace, financial education was the most in demand with 36% of employees wishing their employers provided this. 33% of respondents wanted an employee assistance programme and 32% wanted to see fair value loans being offered in their workplace.

More than a quarter of employees felt emotional and mental wellbeing benefits were the most important wellbeing benefits an employer could provide, for example employee assistance programmes and mental health first aiders. The survey also revealed that financial wellbeing benefits are becoming increasingly important in the war for talent, with 58% of employees considering financial wellbeing tools an important factor when considering where to work.

Deborah Frost, Chief Executive of Personal Group said: “Employees are increasingly looking to their employer to provide greater support for their physical, emotional and financial wellbeing. The right wellbeing benefits can provide employees much needed support at the various stages of their life – whether it is dealing with debt, managing workplace stress or coping with illness.

“Yet just making wellbeing benefits available to staff is not enough, making them accessible is key. Delivering them via an employee app is one way to ensure that staff can access information, assistance and support whenever and wherever they need it. This means they can be happier and healthier both at work and at home.”

Other highlights from the poll include:

  • Men feel more comfortable talking about their finances with their employer than women (40% men versus 13% women)
  • 36% of respondents would like to be offered financial education in the workplace; and
  • 48% said that they do not feel their workplace does enough to support its employee’s financial wellbeing.

* 113 people participated in the financial wellbeing poll.

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