In today’s busy world, manging money has become more critical than ever. Financial stress is one of the leading causes of anxiety among working professionals, impacting not only their personal lives but also their productivity and engagement at work. This is where financial literacy and education play a crucial role in helping employees be prepared for the demands on their money.
What is financial literacy?
Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. It’s about having the knowledge to make informed decisions about your money. From understanding interest rates on loans and credit cards to knowing how to create a retirement savings plan, financial literacy equips individuals with the tools they need to have financial freedom and enjoy the lives they want to live.
As part of our workplace programmes, we conduct surveys with the workforce and we also commission independent research amongst employees in Ireland. These surveys and research provide us with insights into key areas that employees are struggling with in relation to their finances. Some of our findings from our last research included:
- 43% of respondents would not be comfortable paying for unexpected car trouble.
- 43% would not be comfortable paying an emergency bill.
- 39% would not be comfortable paying for a holiday.
- 36% would not be comfortable paying more into their pension.
- 29% would not be comfortable paying for college fees.
- 22% are or would not be comfortable paying their mortgage.
The findings do not apply to everybody but some of them may apply to you or someone you work with and are a worrying indication that financial struggles are more prevalent than ever before. In fact, our research suggests that money concerns impact 35% of respondents’ work lives by distracting them. However, we want to ensure you that you are not alone when struggling with money. There is help through understanding financial literacy and we can help through our leading financial well-being programmes.
How can our financial well-being programmes help you?
Our financial well-being programmes are designed to educate employees so that they can make good financial decisions now and into the future. Through our World Health Organisation approved promotional methods we help employees improve their financial health by teaching them how to connect their income and savings to the lives they want to live. We believe in prevention rather than cure.
To make the most of your Financial Education Programme make sure you access your financial portal and there you’ll be able to see your schedule of educational sessions, book into the sessions and book into your guidance calls.
Remember the programme is designed for you and your needs so no matter what career stage you’re at, early, middle, or late there’s valuable information available through your sessions and guidance calls to help you to make the most of your money.
