Financial wellbeing is your ability to confidently manage your money and plan for the future, regardless of how much money you have.
According to a 2018 survey, in the UK 24 million adults do not feel confident managing their money. 10.7 million rarely or never save – and 12.4 million would have to borrow, or could not pay, when faced with an unexpected £300 bill. Given how much of a stressor financial insecurity can be and how much of an impact stress can have on all aspects of our lives, including work, supporting employees in managing their financial wellbeing can be of great benefit to both the individual and the business alike.
One of the ways an employer can seek to support the financial wellbeing of their staff is by providing access to expert advice, either through workshops or through one-to-one short consultations held on site. This often comes at no cost to the organisation but can provide an opportunity for employees to make connections with Financial Advisors and to gain at least a basic insight into the key areas of an individual’s financial health.
At MCS Group, we have partnered with Bank of Ireland to provide guidance and insight for our own staff on four key pillars of financial wellbeing, including:
A brief overview of the Four Pillars is available to download by clicking here, or for more resources or information on what support is available to businesses and their employees head to their financial wellbeing hub at bankofirelanduk.com/financialwellbeing.
If you would like to discuss how you can make the most of external partners to support the financial wellbeing of your employees, please don’t hesitate to get in touch and speak to one of our MCS Life Ambassadors.