Empower staff to support their own financial wellbeing
Ensuring that staff are empowered by their employer to support their financial wellbeing is crucial to helping staff with the rising cost of living.
Some staff may not feel comfortable talking to their employer about their financial situation, so providing them with ways to support their own financial wellbeing is important. This could be as simple as signposting to free and independent financial advice, and alerting staff to the dangers of financial scams.
You could also consider providing a financial education programme that focuses on key moments in your employees working lives such as, ahead of maternity leave, planning for a wedding, buying a house or preparing for retirement.
Internal support signposts
- Payroll information – you should share key information about when staff are paid and who to contact if they have a question or issue with their pay.
- Mental health support – poor financial wellbeing can have a significant impact on mental health, so make sure staff know about your internal mental health support.
- Trade union contacts – these are an important source of support for staff, who may not want to speak to a manager or colleague about financial issues. Most unions provide welfare support as part of their membership offer.
- Employee benefits – ensure your staff are aware of the internal benefits your organisation offers. Make sure you include the range of benefits you provide, including discounts and salary sacrifice.
- Employee assistance programme (EAP) – signpost staff to your EAP service for confidential support. Depending on your provider, your staff may be able to access counselling, debt advice or guidance for line managers who are supporting a team member’s financial wellbeing.
External support signposts
You could also signpost staff to external organisations that provide support and advice such as:
- Citizen’s Advice.
- Debt Advice Foundation.
- Financial Conduct Authority’s register of independent financial advisers.
- Money helper.
- Money Saving Expert.
- Your local NHS credit union.
- The Big Issues Couch to 1k financial education course.
- Step Change Debt Charity.
- Community Fridge project.
