Employers are waking up to financial wellbeing

these are exciting times and I think we're only starting to scratch the surface in terms of the demand for financial well-being from employers and employees only a handful of companies have actually embarked on any real strategy and I think that as we go through the next few months and years you're going to see a number of employers actually going to start focusing on financial well-being the reason we're seeing so much financial stress in the UK is we're seeing the cost of living rising by the most in five years at the same time people's financial literacy is poor we're saying around about 7 million people in Britain that aren't able to sleep at night they're so worried about their money his realization that money worries impacts on mental health and mental health impacts on employee well-being we were shocked to find that one in four employees reported that money worries had negatively impacted on their ability to do their job the UK's productivity record is amongst the weakest of its g7 counterparts there are a number of reasons for that skills shortage lack of investment in infrastructure and telecommunications but actually well-being is also understood to have a big impact on productivity so if employers can take steps to boost well-being and importantly boost financial well-being that could have a positive impact on the UK's productivity as a whole so we need a combined approach by a number of key stakeholders employers need to come together government also needs to be supportive in order to address this big problem of financial well-being this means providing access to information providing access to education but also crucially providing access to products that will make a real difference to UK employees corporations are paying more and more attention to the financial well-being of their staff because it fills a gap in what they're offering there's evidence that employees that have healthy finances are happier they're more creative and also they're less likely to leave so actually if an employer can look after the financial being of their staff by helping them achieve the goals that really mattered to them like for example affording their first home or their children's education it actually enables them to be able to attract engage and retain the best people out there forcing an evolution in the marketplace as organizations move away from just dealing with physical issues around health and safety towards a more integrated approach that also looks at mental well-being of which financial well-being is an important part right now we're seeing lots of new players into this marketplace and the reason it's exciting is they're using technology to open up access so their it enables them to offer guidance and education because using technology it enables you to reach more people much more easily the exciting new products that are in this landscape involve things that range from debt consolidation to online savings and investing services these are all services that traditionally you'd need to go to a traditional person like a financial adviser for but using technology it enables people to get access themselves more directly but with the guidance they need to make smart decisions there's a real opportunity in the market an opportunity to use data and an opportunities technology to be much more inclusive about who we can actually lend to on a more affordable terms what we're going to see in terms of how the landscape is going to change is it's going to be much more demand driven so it's tailored around people and that's the beauty of technology is that it tailors a whole user experience or a product or service around what it is that people want and so we're going to see more and more of that to really help people's financial well-being to help people's mental health help them live better lives and empower them to make smarter decisions with their money

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