An analysis of the most pressing concerns based on insights from 1,000 UK business leaders.
Financial Wellbeing
Helping organisations to assess their employees’ financial wellbeing and implement solutions to help them have more control over their personal finances.
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Financial wellbeing as a measurable employee benefit
Our digital MoneyFit tool and Financial Wellbeing Action plan alongside our financial decision tools and webinars can help your employees manage their personal finances to feel more confident about and less stressed about money.
What is financial wellbeing?
Financial wellbeing focuses on how an individual feels about money, and the impact that personal finances have on their overall wellbeing. It is an important aspect of employee wellbeing and many organisations choose to include it as an employee benefit.
The Money and Pension Service defines it as “knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future. In short: feeling confident and empowered about your money”1.
There are multiple definitions, all with a common theme, which can be summed up as:
- Confidence – to make informed decisions about money
- Control – of everyday budgeting and spend, debt management, short-and long-term savings
- Capacity – to absorb a financial shock such as an emergency cost or redundancy
Financial wellbeing is not simply about a lack of money worries, as anyone can experience financial stress from time to time. It’s about not being constantly worried about money, and having the capacity to manage everyday expenses as well as save for the future.
Why should it be part of an employee benefits package?
Money worries can be a significant cause of stress for employees at all salary levels, age groups and demographics, impacting mental health. Research conducted by the CIPD found that one in five employees regularly loses sleep worrying about money2, and a study by the Money and Pension Service found that employees with high financial stress took on average twice as many days off sick compared with those in a low financial stress group3. Organisations that offer employees financial wellbeing services are providing a valuable benefit that goes beyond the financial benefits of money management.
How do employers benefit?
Including employee financial wellbeing as part of a company’s benefit strategy can also lead to a number of tangible benefits for the employer, such as:
- Reduced employee stress and anxiety
- Reduced absenteeism in the workforce
- Increased productivity and performance
- Increased talent retention
- Greater appreciation of employee benefits which can lead to increased employee engagement and employer advocacy
How can Gallagher help?
As experienced employee benefits consultants we understand that what individuals know, feel and do about money and their personal finances has a direct impact on their emotional, mental, and often physical health.
Our employee financial wellbeing solutions have been designed to improve what employees know, feel and do about their personal finances. They are used by leading brands and organisations in their employee benefit packages.
Gallagher’s expertise and simple approach can deliver measurable improvements in financial wellbeing for each individual employee.
MoneyFit
MoneyFit is a fast and effective tool for measuring the current levels of financial wellbeing in your organisation. The tool is a 100% anonymous online assessment of an individual’s personal financial wellbeing, and collectively the organisation’s financial wellbeing.
The MoneyFit questions have been carefully designed to assess what employees know, feel and do about their personal finances, as well as understanding each individual’s unique attitude to money.
The outputs of the MoneyFit assessment include a financial wellbeing score, attitude to money persona and a personalised Action Plan designed to help them with their personal finances and money management.
Financial Wellbeing Action Plan
The Financial Wellbeing Action Plan is a tailored plan of activities that will improve an employee’s financial wellbeing. The action plan is compiled based on the outputs of the MoneyFit assessment and provides a prioritised list of activities that will target the areas that need attention.
Live financial education webinars
Gallagher’s team of consultants deliver live financial education on a wide range of topics from early career financial planning to debt management to pension investments. Outlined below, these topics can be presented to groups of employees using WebEx, Zoom or MS Teams. Each session is led by a senior consultant and attendees (up to 500) can ask questions during the session anonymously if required*
*Note: Individual financial advice is not provided
- Financial Awareness
- Attitudes to Money
- Money Management
- Budgeting & Forecasting
- Borrowing & Debt Management
- Early Career Financial Planning
- Mid-Career Financial Planning
- Pre-Retirement Financial Planning
- Investments
- Market Awareness
- Pension Investments
- Ethical & Social Considerations
- Tax Planning – Annual & Lifetime Allowance
Digital financial decision tools for financial planning
Gallagher offers a suite of off-the-shelf prebuilt online education and digital tools that help employees to make informed decisions and feel confident about their money management. The tools are delivered via a mobile responsive website and tailored to the specific areas of focus required.
For example, the Debt Modelling Tool illustrates the impact of interest on loans, helping to educate employees on the impact of higher interest loan rates, and the Cost of Delay calculator encourages employees to avoid delaying paying into a pension scheme.
Interactive online education tools including animation and eLearning provide employees with engaging digital content, helping to demystify the complexity of personal finances covering topics such as ‘Debt Explained’ and ‘Saving enough to stop work’.
Digital content can also be tailored to address topic areas specific to your organisation such as ‘Our Share Scheme Explained’ and ‘Cost Saving Employee Benefits Explained’.
For a demo of the tools please Connect With An Expert
Pension and employee benefit communications
Gallagher can also advise on the actions that an employer can take to improve employee awareness of their benefits package. For example, many employees do not appreciate or understand the money-saving employee benefits on offer to them, from discount shopping vouchers to tax-efficient savings schemes. Gallagher Communications delivers engaging communications that inform employees about the benefits and pensions that they receive, helping them to make the most of the benefits available to them.
Why choose us?
Gallagher has over 25 years’ experience helping employees to understand the complexities of money and deploying technology and solutions that deliver a measurable impact on employee financial wellbeing. Our solutions have been designed to help employees feel more in control of their personal finances and reduce financial stress.
We are laser focused on ROI and are trusted and used by leading brands and organisations who seek to invest in their employee benefits strategy.
1. Money & Pension Service, The UK Strategy for Financial Wellbeing 2020-2030, 2020
2. CIPD, Financial well-being the employee view, Survey Report, July 2017
3.Financial Well-being in the Workplace: A Way Forward, Report, Financial Advice Working Group for HM Treasury and The Financial Conduct Authority, March 2017
