Our own research* paints a worrying picture of the UK’s financial wellbeing and the impact this can have on individuals’ lives as well as their productivity at work. Improving financial wellbeing is a win / win for individuals, employers and the UK economy.
“As a Government sponsored organisation, MaPS is well positioned to lead the development of a UK strategy, in collaboration with all other financial services stakeholders. When it comes to financial wellbeing, people need different support at different times, be it information from providers, guidance from MaPS or full financial advice. We need to develop multi-directional signposting so customers get what they need, when they need it, from the best source.
“We encourage MaPS to include the workplace in its strategy. Employers also have an interest in playing their role to boost the financial wellbeing of their employees with knock on benefits for productivity.”
Individual responsibility
“Most of us will face money worries at some stages of our life. This may be linked to general living costs or caring for children or elderly relatives. Additionally our research found that social pressure to lead a certain lifestyle can also take its toll on peoples’ finances. Regardless of an individual’s circumstances though, planning for an adequate retirement income is increasingly challenging as we live longer lives.”
What employers can do
“Employers can be doing more to support their staff with their finances. This includes offering better and more frequent financial education in the workplace, improving understanding about managing money and contributing more to employee pensions. With the right tools, including support from MaPS and advisers, people can plan their financial future with confidence, paving the way for increased financial wellbeing.”
Taking advice
“It’s important that any strategy factors in the benefits of advice. While information and guidance may often be what people need, it’s vital that people also know when and where to go when they need expert help from a professional financial adviser.”
Financial Wellbeing in the workplace report from Aegon and the Centre for Economics and Business Research*
Key findings:
• Research carried out by Aegon reinforces need for a UK wide solution to boosting financial wellbeing
• A third (31%) of Brits think that their finances control their life, 36% said that they wouldn’t be able to handle a major unexpected expense and two in five (41%) concerned that the money they have now or save won’t last
• UK workers take off four million days a year due to financial concerns, while those who suffer at work can lose up to two hours of output each day
*All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,007 adults. Fieldwork was undertaken between 19 - 25 July 2018. The survey was carried out online. The figures have been weighted and are representative of British business size.
Full report
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