0208 945 7733 hello@moneyheave.com

The world of finance can seem complex, dry and difficult to access for a lot of people who don’t feel confident in their capabilities with money. Traditionally, financial advice was perceived as something for wealthy people. On the other hand, companies/organisations always perceived financial wellbeing as an individual responsibility.

However, thanks to the 21st century and research, it has been revealed that financial wellbeing and productivity are closely linked, which has sensitised employers to prioritise financial wellbeing at the workplace. A lot of factors account to why financial wellbeing wasn’t previously prioritised by corporations.

These include;

  1. Lack of Understanding of Financial wellbeing: The topic of financial wellbeing was not well understood in the past. Also, most people perceived only the rich had access to financial wellbeing. The link between financial wellbeing and overall wellbeing and work as an individual was not well established and because of this financial wellbeing was not a priority.
  2. The Cliché that Financial wellbeing is an individual responsibility: in the recent past, financial wellbeing was known to be an individual responsibility. This is not to say that it isn’t an individual responsibility. Indeed, everyone must be responsible for their wellbeing which includes finances as well. However, financial wellbeing has in time past proven to have an impact on individuals at the workplace in which corporations experience the consequences.
  3. Stuck with the traditional financial wellbeing schemes: of course, corporations are not bound by law to guarantee the financial wellness of their employees but the world has evolved to understand that pension schemes alone does not guarantee financial wellbeing. Yes, Pension schemes are great but that is just an aspect of financial wellbeing and so focusing on one aspect is not ideal.  

With 94% of UK employees admitting to worrying about money and 77% of these saying that money worries impact them at work, there are clearly not only welfare, but sound business reasons for providing Financial Wellbeing training. (Close Brothers) Research has proven the link between financial wellbeing and productivity which has changed the narrative for corporations to prioritise financial wellbeing of their employees. 

If your company or community group would like to discuss your financial wellbeing needs then get in contact. 

Contact MoneyHeave on:

Email: hello@moneyheave.com

Phone: 020 894 57 733

Website: www.moneyheave.com