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Top tips for supporting employee financial wellbeing

Aon says employers should take a holistic approach

Employee benefits consultancy Aon has produced seven tips on how to support employees’ financial wellbeing.

It comes after a survey found 62.5% of employers said it is their responsibility to support staff with financial wellbeing and a further 98% wish to improve employee engagement in the subject.

Aon said firms shouldn’t think that employer support should only cover financial aspects related to the workplace, such as pensions, workplace ISAs and bonuses. Instead, employers need to think holistically and consider personal financial circumstances too.

Employers should assess their current strategy and levels of uptake and engagement from current data, and then use surveys and focus groups to ask what support employees would like.

Aon suggests focussing on the “4 Ps” framework: Prepare – build financial knowledge; Plan – build a short, medium and long-term financial plan; Protect – prepare for the unexpected; and Preserve – understand the financial needs such as retirement transitioning and managing an existing pension fund.

“By using the 4 Ps framework, it’s possible to focus on the key employee areas to make a positive impact, such as budgeting, financial goals, retirement planning and preventative action against worse-case events. Use real-world examples to make your messages have more impact,” Aon added.

Other tips include using technology and peer to peer champions and taking an agile approach so firms can make improvements or change direction with minimal impact to upcoming plans and budget.

Martin Parish, a financial wellbeing specialist at Aon, said: “Financial wellbeing is a key component of an individual’s overall wellbeing, which also includes physical, mental and social wellbeing. It goes beyond just having enough money in the bank – it includes good financial management and having the appropriate tools to facilitate financial decisions. It’s the peace of mind that comes with knowing there is enough money for both present and future financial commitments.”