Employee financial wellbeing is low priority – Close Brothers

The financial wellbeing of employees is being overlooked by employers, even those with a broader wellbeing strategy, according to research from Close Brothers Asset Management. Nearly a half of surveyed organisations do not have any kind of wellbeing strategy in place and, of those that do only 23% have considered specifically addressing financial wellbeing. Where financial wellbeing is considered this is typically through an employer’s financial education programme. Almost 30% of respondents provide only a debt counselling service, directing their financial wellbeing strategy solely to one element, debt management.

Jeanette Makings, head of financial education at Close Brothers, said:

‘Employers play a central role in ensuring staff are well informed about how to make the most of their workplace benefits and financial options, so it is disappointing to see that financial wellbeing is not being incorporated in more wellbeing strategies.’

Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services, and securities trading. The research comes from a survey of almost 900 employers across the UK. For more information, please visit: www.closebrothersam.com