4 ways to support employee financial wellbeing and why it matters

As an employer, hopefully, you’re already taking steps to address the financial wellbeing of your staff, but there may be more that you could consider doing. Here are four simple but effective ideas.

1.    Offer financial education 
Financial education can raise awareness and confidence. Providing essential financial knowledge enables employees to develop the tools they need to deal with the complexities of their financial lives.

Consider hosting a financial advice seminar for your team. Arrange for your Aspira adviser to come and share their knowledge and expertise to help your employees gain a better understanding of their finances. This could cover anything from pension savings to how to protect your income.

2.    Provide access to financial advice
An annual review with a financial adviser can provide reassurance and an actionable plan, both of which can go a long way to improve financial wellbeing.

By reviewing all areas of a person’s finances, our advisers can identify any gaps or key risk areas, and recommend the steps needed to help that person to achieve their goals.

3.    Run regular retirement counselling seminars
Knowing the right time to give up work isn’t always straightforward. Employer-sponsored retirement counselling can help. By receiving guidance on the financial side of their decision, employees can enter retirement with confidence.  

For some people, retirement can be planned as a gradual process, reducing hours and responsibilities, along a glide path into full retirement. As well as being a valuable employee benefit for some, this style of phased retirement can also help businesses achieve a smoother handover.

We offer a retirement planning service covering the financial needs of your retiring employees.
 
We can provide group retirement seminars. These cover lifestyle, healthcare, State Pensions, workplace pensions, other investments, tax planning, inheritance, and care provision. You may also wish to encourage your employees to attend with their partners so that their retirement plans can also be considered.

4.    Financial solutions
Consider what protection benefits you offer to your employees. Offering the option of life insurance through the workplace, for example, can help boost your employee financial wellbeing.

Should the worst happen, knowing there is a financial safety net could provide invaluable peace of mind to both your employees and their families.
 
Take steps to improve employee financial wellbeing today
When employees are happy, organisations thrive. By taking steps to improve employee financial wellbeing, your business will benefit from a more engaged and productive workforce.

At Aspira, we provide a range of health and wellbeing benefits. If you are looking to introduce or review your benefits package with a view to improving employee financial wellbeing, our experienced consultants can help put together solutions to suit your strategy and budget. 

Get in touch
If you’d like to learn more about how we can help support you and your employees, please get in touch. Email info@aspirafp.co.uk or call us on 01454 632 495.

The information contained in this article is based on the opinion of Aspira Corporate Solutions and does not constitute financial advice.