July 25, 2024

Pandemic pinpoints financial wellbeing as employers’ key concern

Companies have identified financial wellbeing as a critical concern for the health and effectiveness of their people.

In a survey of more than 300 businesses, Punter Southall found eight out of ten employers felt their company and people would benefit from being better informed in all things financial.

But researchers found few companies knew where to begin; particularly with pensions and savings support and advice.

Only half offered any kind of guidance on money matters or well-being and just over half felt employees would not feel confident approaching their manager with their personal worries.

Even then, 87 per cent put the onus on the employee – not the company – to find out more for themselves.

Just under two in every three organisations said they didn’t know enough to offer any support to employees in this specialist area.

Punter Southall Chief Executive Jonathan Punter said: “Wellbeing has been at the forefront of everyone’s mind during this time. So, it’s no surprise that financial wellbeing in particular has emerged as a real concern. We found that employers know it matters but don’t know how to make it happen. Add in fear of cost and falling foul of regulation, and it becomes even more challenging. We’ve spent more than 30 years helping companies with pensions and savings and everything in between and have been working closely with clients on these areas during this worrying time.”

Employers also highlighted that flexible working, followed by guidance on pensions and help in the form of an employee assistance programme, as the top three most important company benefits.