Financial Wellbeing
How to offer support to your team at the time of rising living costs.
As the cost of living continues to rise this autumn, and we all increasingly feel the pinch, you may wish to help support your staff with their financial wellbeing. One in four employees say money worries affect their ability to do their job – and even those on the highest incomes are not immune. Rising inflation and the energy crisis has plunged an estimated 6.7 million households into fuel poverty, despite the recent price cap announced by the Government (National Energy Action, September 2022). This underlines the importance of committing to supporting the financial wellbeing of your workforce and even employers with a limited budget can help with a simple policy that lets their workforce know where and how to get help.
If your business can afford it, then offering a one-off, cost of living bonus or subsidising food and drink at work or travel expenses over the winter, can be good options to help staff with rising costs. Maximising the value of your existing Employee Benefits is another way to support your people. If your business has a Life Assurance scheme in place, it may include a free Employee Assistance Programme (EAP) that will almost certainly offer online support for everything from financial wellbeing to free exercise classes and 24/7 counselling for when life gets really tough.
If this isn’t something that your business already does, then setting up an EAP can cost as little as £500 per year for a firm with less than 50 employees*. It’s a relatively low-cost benefit that offers excellent value to your team. Private medical insurance (PMI) schemes may also offer EAP and if this something you already pay for, it might be worth investigating if it could be added as a bolt-on, which would represent good value for money.
If you are unable to increase the business spend on benefits, then pointing your staff in the direction of online support that’s free to access for everyone can be hugely useful. As an employer, the Money and Pensions Service is a good, first port of call. This organisation has a regional partnerships team, offering free support and practical ways to help build financial wellbeing across your organisation. For employees, there are numerous online websites offering support with debt management, ideas to boost income and improving financial literacy.
Here are some options that could be useful to your people.
Citizens Advice offers free, confidential advice on a huge range of issued including work, debt and money and energy bills.
Money Helper is a government backed organisation that offers free, independent support to help people with their financial wellbeing. This includes telephone support lines, advice on debt, savings, pensions, and benefits.
Martin Lewis is the Money Saving Expert, and his hugely popular website provides expert advice and money saving tips.
The money advice centre, Money Matters.
Go Fund Yourself is a financial news and education platform for 20-35-year-olds in the UK.
Turn2Us is a national charity that provides free financial advice and support to people in the UK in crisis.
Step Change is a highly regarded debt advice service, helping people with debt problems take back control of their finances and their lives.
If you would like any help putting together a financial wellbeing policy, setting up an EAP scheme or making your existing benefits go further, then get in touch at hello@theinkgroup.co.uk.
* EAP quote of £500 + VAT with Health Assured (https://www.healthassured.org/) for 1-49 employees, fixed for 5 years.