May 21st, 2014 by admin
Its Financial wellbeing: the last taboo in the workplace? research, which surveyed more than 2,100 UK employees and 100 employers, found that more than two-thirds (69%) of employer respondents believe their employees feel the organisation is concerned about their financial wellbeing,
The report called for employers to tackle the taboo of talking about finances in the workplaceand urged them to consider how they can help their staff become more financially savvy and better equipped to manage their personal finances.
It found that 17% of employee respondents would value more guidance from their employer around managing their finances.
The research applied four financial health categories to respondents: comfortable, coasting, balancing and slipping.
Nearly six in ten (59%) respondents are in the ‘balancing’ category, focusing on managing their current financial situation rather than saving for the future.
More than one in ten (11%) fall into the ‘slipping’ category, with no savings and regularly spending more than they earn.
The research also found:
- 46% of employee respondents worry about their finances, while just 35% feel optimistic about their financial future.
- 18% of employee respondents said they often lose sleep worrying about their finances.
- 20% of employee respondents said financial problems often interfere with their work.
Katharine Photiou, head of workplace savings at Barclays C&ES, said: “It is clear that simply providing someone with a steady salary does not ensure good financial wellbeing.
“Employers need to broaden their role by helping to improve employees’ capacity and capability to manage their personal finances, through education and guidance, by enabling employees more easily to manage their finances at work and through specific solutions provided in the workplace.
“While much work has been done in the physical and health wellbeing space in the last decade, our research reveals that employers are missing out a vital element in their strategies: financial wellbeing.
“In terms of financial health, our survey found that one in ten employees are in the ‘slipping’ category. If the same proportion of employees had a serious health issue, it would be viewed as an epidemic and the employer would apply urgent medical attention in the workplace.
“The same approach should be applied to addressing the critical issue of financial wellbeing.
“Talking about money is often seen as a taboo subject, not just in the workplace but in society in general. However, our research shows there is a clear desire from employees for help with managing finances from their employers.
“It is imperative that organisations tackle this taboo head on and put tailored solutions in place to ensure their workforce is financially healthy and secure, today and for the future.”
May 20th, 2013 by admin
“When leaders embrace the opportunity to improve employees’ wellbeing, they create more engaging places to work and greater returns for the organization. And they even help strengthen their employees’ families,” write Rath and Harter.
Let’s look at financial wellbeing
Financially stressed employees spend 20 hours a month of work time trying to solve their financial problems Read more »
November 7th, 2012 by admin
Employers who provide financial education as employee programs may see a decline in both the level of financial distress exhibited by employees and also a reduction in absenteeism.
Research has supported the relationship between financial distress and workplace absenteeism (Bagwell & Kim, 2003; Jacobson et al., 1996; Kim & Garman, 2003). Those reporting less financial distress miss fewer days of work.
Read more »
November 2nd, 2012 by admin
Weighing The Effects Of Financial Education In The Workplace…
The question is, does improved personal financial behavior lead to improved work outcomes?
The case is often made that financial education leads to improved financial decisions. In this paper, they begin by assessing the need for financial education by reviewing national trends in savings, debt, and retirement funding as well as by reviewing the literature linking personal financial behavior and participation in financial education programs.
They then describe the conceptual underpinnings of a link between improved personal financial behavior and work outcomes.
Read the full report: http://www.pfeef.org/research/vte/Weighing-Effects-Financial-Ed-in-Workplace.pdf
Does improved employee financial behaviour equal higher productivity? Financial education in the workplace is the solution. Call Alisdair Barr 0405 138 613.
October 28th, 2012 by admin
We’re lucky with our work as we get to visit an array of different workplaces every week. Recently we were pleasantly surprised to walk into the Abbott foyer and see a series of eye-catching posters showcasing their employee values. Read more »
October 20th, 2012 by admin
Imagine leaving your family and all things familiar and heading to Leonora WA to don a uniform and hard hat and start work.
October 15th, 2012 by admin
Part of the goal of this study was to determine employees’ level of readiness to manage their emotional health. Of those reporting increased emotional health risk, over one fourth were in the precontemplation stage of readiness to manage this health risk.
Read more »
July 5th, 2012 by admin
We love the ALI Group team and the responsiveness and chatter they bring to the table during their Future Map sessions.
Whether it be goal setting and bucket lists, insurance (their own cuppa tea!) or suddenly REALLY understanding the meaning of compound interest, superannuation, dollar cost averaging or negative gearing – this group laughs and shares their way through each session.
We hear from Colette about what she’s taken from the program.
June 21st, 2012 by admin
From the end of July 2011 until this June 2012 the USD has moved from getting AUD$0.90 to AUD$1.03 which means that US investors can get 14.4% more bang for their buck when they come to Australia for holiday, buy our exports or invest in our companies or industry here. Read more »