Employers face a ‘real and pressing need’ to address employees’ financial wellness, according to research from MetLife Employee Benefits in partnership with Syntoniq showing that 36% of workers admit work performance has suffered as a result of money concerns. The report concludes that employers’ current investment in employee financial wellness, where it exists, is failing to deliver by focusing on information provision rather than helping people to change their financial behaviours. It recommends that employers engage with benefit providers to design financial wellbeing programmes and adopt a behavioural approach that is designed to motivate employees to create good financial habits.
MetLife comments:
‘Offering employees a bare minimum amount of training or financial counselling is likely to see them respond with the bare minimum of enthusiasm and desire to take action.’
Similarly, offering generic financial education, is welcome but does not take account of an employee’s personal situation. Adrian Matthews, employee benefits director, MetLife UK, said:
‘Improving employee financial wellbeing has real value for employers and there is a strong business case for tackling the issue, as financially healthy employees make for successful companies.’