Welcome

Heidi Allan

Head of Financial Wellbeing, LCP

Welcome to our new report -

Employee wellbeing: building better financial futures.

In this, our fifth research study into employees’ financial wellbeing, we have taken a different approach. In this report, we have incorporated a focus on the financial confidence and capability amongst groups with diverse needs within the UK workplace. With a significant number of employees identifying themselves as having diverse needs in respect of interacting with information, this does present benefit professionals with a challenge to ensure communication strategies are effective and multi-faceted to meet those needs.

The cost of living in the UK is finally stabilising but financial confidence is still low for many people. Therefore, employers have a crucial role to play in supporting their staff during these times ensuring that their teams have the training and resources to keep up.

Clear communication and a solid benefits strategy are key. By being transparent, offering good benefits and supporting financial knowledge and understanding, employers can boost morale, engagement and trust.

Building financial confidence in employees is vital. We hope that this report inspires you to consider employees' financial wellbeing and the approach to take when providing them with the knowledge and tools needed to help them manage their money now and in the future.

Should you wish to look at any specific demographics in more detail such as industry, region, generation, diverse needs, or income levels, please do reach out to the team for more information.

Supporting your employees

Whilst we can celebrate the steps employers have taken to support the wellbeing of their employees over recent years, we still have a way to go to ensure financial confidence and capability improves across the nation.

Pensions are still high on the agenda being the most valued benefit for those in their mid and late-careers, with half of those surveyed saying that they felt financial education in the workplace would aid their retirement planning.

To help employees build better financial futures, employers need to focus on:

· Understanding the workforce – what are you doing that is helping or hindering employee wellbeing?

· Strategic thinking – aligning your benefits strategy to employee needs.

· Communication – consider the needs of wider demographic groups so no one is disadvantaged.

· Financial confidence – empowering employees through knowledge building and tools to support good financial behaviours for today and tomorrow.

We hope the findings and actions contained throughout this report provide meaningful insights into how employees are feeling and help you to consider ways to support them, and we look forward to discussing these findings and strategies to improve wellbeing for your employees in more detail.

Laura Myers

Head of DC, LCP