The importance of financial literacy and education…does it really make a difference in helping people to feel empowered and confident when it comes to money and retirement savings?
At the best of times, life can be a balancing act and having the right resources, support and understanding can help to make all of the difference. Most people ask for help when it comes to looking after their family (picking up the kids from school, knowing what schools to send them to, pet sitting for work travels) at work (am I doing a good job?, is this where I want to be?, can I do things more efficiently?) so why should understanding our finances be any different? I know of people who before contacting their pension contact centre will Google their question, just so they don’t look silly on the phone. That’s such a shame for someone to feel judged or insecure when really, they should feel proud of themselves for reaching out and asking for help.
At Gallagher, we value the importance of creating impactful communications that help and support people in understanding their financial situations coupled with ways to get the most out of what they have.
Here’s a few ways we can help:
Creating a solid foundation
Providing people with tools and resources using clear, plain language that breaks down complex financial concepts in an informed logical way, supported by visuals and case studies can make all the difference. With 1 in 6 adults in England1, 54% of adult Americans2 and 48% of adult Canadians3 experiencing challenges with financial literacy, as communicators we need to take this into account when talking about financial matters. What does this mean? Using really simple and engaging tools, calculators, infographics and visuals–think about how you would explain opening up a bank account to a nine-year-old. It might seem easier than you think, but it’s not. Put yourself in their shoes and use a variety of communication tools to create the right message using the right techniques.
Understanding the complex
By helping people to better understand such concepts as budgeting, saving, investing and debt management, we can support them to make informed decisions about their financial wellbeing. With information and knowledge, people feel better prepared to understand and work through financial commitments, challenges and unexpected (or budgeted for) changes. We offer a wide range of tools to help, from our Small savings, big difference calculator right through to our Hitting the Target tracker. All of our tools are created to be visually appealing, engaging and user-friendly, teaching people about their finances without using complicated words, calculations or over the top, invasive questions.
Putting wellbeing at the centre of our communications
An individual’s financial wellbeing is shown to have a direct correlation with their mental health4. So, it makes sense that the stress someone feels about their finances impacts their own sense of worth and purpose. By taking this into account when communicating with people about financial matters, we’re better placed to support them with tools and resources that truly connect with them. Stories, case studies, insights into how others have coped and changed their financial circumstances can all help someone to not only feel a little better about their own situation but give them the impetus to seek help and do something about it.
Supporting a better financial future
In our industry we often witness the devastating impact on someone who hasn’t been able to properly plan for their retirement. By arming people with the right information that highlights the benefit of compound interest (even putting away a little bit of money each month when they’re young can really make a difference later in life) using easy to understand videos, graphics, stories and comparison tools can go a long way.
Financial literacy doesn’t have to be complicated or a ‘we’ll get to later’ type of solution. By using a few different communication channels and initiatives, you can make it part of your everyday communications with your target audience. Something as simple as budgeting can be shared using a budget tracker, a quick video or case study. Understanding that financial education can make all the difference, using the tools available to you and demystifying what’s most often see as a complicated rabbit warren to be avoided, will set you apart in supporting the people you want to connect with about their retirement savings, finances or even wellbeing.
And as always, we’re here to help
We're committed to helping shape better futures for our clients and their people. We've seen first-hand how good financial education, tools and resources can make all the difference.
To find out more, contact us.
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