What is financial wellbeing?
Did you know that 30 per cent of employees in the public sector reported that ﬁnancial concerns have affected their ability to do their job (CIPD employee view)?
One misconception around financial wellbeing is that it isn’t the employer’s responsibility, it’s down to the individual. The reality is that financial wellbeing is a shared responsibility between the employer and employee.
Healthy financial wellbeing can be defined as:
- having control over your finances
- being able to absorb an unexpected financial shock
- being on track to meet your financial goals.
Developing a financial wellbeing strategy guide
Our developing a financial wellbeing strategy guide supports you to establish the foundations you need to develop a robust approach to support your staff with ﬁnancial wellbeing in the workplace.
It includes a four-step approach which means you can start your journey at whichever point is relevant to your organisation.
National Forum for Health and Wellbeing at Work - Financial wellbeing guide
A new report launched in August 2020 highlights how the COVID-19 pandemic has amplified inequalities across society and exacerbated financial worries, particularly among women, young people, Black, and minority ethnic groups, and people with disabilities.
The report was developed by Alliance Manchester Business School (AMBS) and the National Forum for Health and Wellbeing at Work, of which NHS Employers is a member.
It includes practical guidance to help organisations take action to support their workforce’s financial wellbeing, and covers:
- Identifying the scale of the problem in your organisation.
- Reducing the stigma for staff to come forward.
- Gaining senior leadership buy-in.
- Developing, evaluating and celebrating your financial wellbeing strategy, which in turn is part of your organisation’s overall business strategy.
- Minimum expectations of all employers and examples of effective practice.
Read the full report on financial wellbeing.
What are NHS trusts doing?
Some NHS organisations are working closely with their local NHS credit union which offers affordable loans and secure savings for health service employees and their families.
Get in touch
If your organisation has any helpful resources or any innovative approaches to financial wellbeing in the workplace, please email firstname.lastname@example.org