Build a Successful Financial Wellness Programme in 2023
2022 hasn’t been easy for people no matter who they are or where they live. We are starting 2023 with the cost-of-living crisis and inflation still dominating our news feeds. Your employees are looking for help to take control of their money now and for the future.
“Financial wellness is how people feel about the control they have over their financial future and their current relationship with money”
Your Guide to Building a Financial Wellness Programme in 4 Steps:
Step 1 – Understand
As an employer do you have an employee financial wellness strategy? If you do, can you answer the following questions?
Do you understand how the current cost of living crisis is impacting your employees?
Do you know how effective your current strategy is?
Do your current supports meet the needs of your entire workforce?
Are your current supports adaptable for the future?
Are your employees using your current benefits?
If you don’t have a financial wellness strategy, do you know the impact?
By answering these questions then you will be able to take action to start or improve your employee wellness strategy. Successful Financial Health Promotion is built upon understanding and evidence.
Step 2 – Education
By knowing the real needs and wants of your employees then you can provide a tailor-made financial education programme. Each employee will be at a different stage of their financial journey at different points in their career, whether it’s early, mid, or late career. Different decisions and different actions will be necessary at each stage.
This is the reason that a slow and steady approach over the longer term is the key to improved financial literacy for employees. A financial wellness programme underpinned with impartial financial education means that your employees will understand their financial situation and be able to make the most of and appreciate the value of their employee benefits such as salary, share scheme and pension.
Step 3 – Guidance
By understanding your employees’ real financial needs and wants and providing financial education you can provide the individual financial guidance which will help employees clarify elements of their current financial situation and make decisions about their financial future.
Step 4 – Take Action
Providing a successful Financial Wellness Programme for your employees isn’t easy but it starts with the Organisation making the decision to do something. The greatest barrier to doing something is not knowing where to start.
Consider the key steps outlined above and then do your research to find providers who provide employee financial wellness programmes as opposed to programmes that are set out to sell products to your employees.
For advice on Employee financial wellness feel free to reach out as we are Ireland’s leading provider of impartial financial education programmes to both Private and Public sector employers.
www.employeefinancialwellness.ie
