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For many people, 2023 has been another year of financial uncertainty. To help end the year on a positive note, here are our top financial wellbeing tips that can support members today, and into 2024.
This time of year is always full of reflection. Employees and employers alike will probably be thinking about what went well, what could’ve gone better, and what they’d do differently next time.
Whilst everyone’s experiences will differ, most would probably agree that 2023 has been another year of financial difficulty and uncertainty.
In fact, Standard Life’s Retirement Voice 2023 report shows that people’s health and financial wellbeing have suffered a blow over the past 12 months:
- 1 in 4 say managing their money has led to sleepless nights and poor mental health
- Over half (54%) of people say they feel stressed about money because of the cost of living crisis
- Just 4 in 10 feel positive about their financial situation
The double whammy of the festive season and cold winter months could worsen people’s financial worries, as they face both the cost of holiday celebrations and higher heating bills.
Despite struggling, the majority of people (62%) aren’t seeking support with their financial concerns.
Clearly, more needs to be done to encourage people who are feeling financially stressed to reach out for help.
There’s loads that your clients can do to support their members’ financial wellbeing and make it easier for them to open up about money worries.
Top tips for supporting members’ financial wellbeing
Here’s a roundup of our top financial wellbeing tips that your clients could start putting in place today, and into the new year:
Encourage money talk
Talking about money worries can make a huge difference to people’s financial wellbeing.
In fact, according to the Money and Pensions Service (MaPS), people who talk about money make better and less risky financial decisions, and feel less stressed or anxious and more in control.
Your clients can help by normalising conversations about money in the workplace, and this starts with creating a supportive company culture. Giving people a safe space to share their concerns will go a long way to encouraging them to open up.
Improve signposting
Make it easier for people to seek support by signposting to clear and simple guidance, such as through MoneyHelper and MaPS. They provide content on a range of financial topics, from managing everyday spending to saving for retirement.
If your clients have one, they should shout about their Employee Assistance Programme (EAP) too. Some members may be unaware of the support on offer or where to find it, so it’s important to send them regular reminders.
Plus, if your clients are with Standard Life for their workplace pension scheme, our Ready to Go campaign materials can make it quick and easy to communicate these updates across their organisation.
Help members manage their money
As we know from our research, many people are losing sleep over managing their money.
Your clients can help ease the pressure by providing tools that make it easier for members to budget.
For instance, online calculators and comparison tools from places like MoneyHelper can help members work out their spending.
Standard Life workplace pension scheme members can also use our Money Mindset app. This allows members to see their financial accounts in one place and in real time, making it easier to spot savings opportunities. It also includes a budget planner to help members organise their day-to-day finances.
Provide financial education
Most of us aren’t taught how to manage our money; often we just pick things up along the way. But this can make it difficult to make well-informed decisions, especially if faced with complex financial situations.
Your clients can help boost their members’ financial knowledge by providing easy-to-digest financial education content. Our Money Mindset app has a whole library of bitesize, jargon-free content that aims to build financial confidence and demystify finances.
Support first-time home buyers
Most of us would agree that buying a house is one of the most financially stressful and challenging life events you could go through.
Your clients can help by signposting to information that aims to simplify the homebuying process, such as Standard Life’s Homebuyer Hub. This guides first-time buyers through their homebuying journey, from creating a savings plan to applying for a mortgage.
They should remember to point members towards external support too, such as government schemes. These can provide financial help towards buying a home.
Help members locate lost pensions
Careers can chop and change, which can make it difficult to keep track of old pension pots. This can be problematic for members who are approaching retirement and wanting to get their pension savings in order.
Your clients can help members find lost pensions by guiding them towards resources that help track them down.
Standard Life workplace pension scheme members can use our Pension Finder tool, available through Money Mindset. This works by scanning their employment history on LinkedIn, and searching the government’s pension tracing service automatically to find any lost pensions.
Members might want to consider transferring pensions into their Standard Life plan too, which could save them admin time and make it easier for them manage.
Transferring pensions isn’t right for everyone. There’s no guarantee of a better income as a result of transferring.
For more insights on financial wellbeing, including resources on how to help support employees, visit our Financial Wellbeing hub and read our articles.
The post Gail Izat: 2023 roundup: top tips for supporting members’ financial wellbeing appeared first on Corporate Adviser.
