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Only a third think their workplace offers enough financial wellbeing support

Financial education and EAPs are in demand among employees

Only a third (33%) of employees feel their employer does enough to support their financial wellbeing. The survey of 113 people by Personal Group, a technology enabled employee services provider, also found less than a quarter (23%) feel comfortable speaking about their finances with their employer

Four in 10 (41%) thought physical, financial and mental health benefits were all as equally important workplace benefits.

When asked which financial wellbeing benefits they would most like to see in their workplace, financial education was the most in demand with 36% of employees wishing their employers provided this. Another 33% of respondents wanted an employee assistance programme (EAP) and 32% wanted to see fair value loans being offered in their workplace. 

More than a quarter of employees felt emotional and mental wellbeing benefits were the most important wellbeing benefits an employer could provide, for example EAPs and mental health first aiders.

The survey also revealed that financial wellbeing benefits are becoming increasingly important in the war for talent, with 58% of employees considering financial wellbeing tools an important factor when considering where to work. 

Deborah Frost, chief executive of Personal Group, said employees are increasingly looking to their employer to provide greater support for their physical, emotional and financial wellbeing.

However, she added that just making wellbeing benefits available to staff is not enough and that making them accessible is key.

“Delivering them via an employee app is one way to ensure that staff can access information, assistance and support whenever and wherever they need it. This means they can be happier and healthier both at work and at home,” she said.