9 min read
Financial education for employees: the best way to improve your benefit uptake
Today, offering financial education for employees is not just a good idea – it's essential. It forms the cornerstone of your employee financial...
We’re all talking much more about mental health than ever before - especially at work.
Society’s come leaps and bounds in recent years with regards to having open conversations about the challenges we face - from worries about money to stress around juggling our jobs with childcare - and many businesses are providing meaningful support to staff who may be struggling.
But Claro Wellbeing’s recent research shows that more than one in three (35%) companies are ‘wellbeing-washing’. That is, sharing social media posts, holding charity bake sales and sponsored walks to raise awareness of mental health conditions without offering much to employees to improve their wellbeing.
With wellbeing-washing it’s a case of ‘all talk, no action’. Organisations jump on the bandwagon of a current trend without making sure their house is in order first. But in many cases, it’s not deliberate. Most firms will say employee wellbeing is crucial, but many are falling short.
Overall, we found that 71% of organisations take part in mental health awareness initiatives, despite just over a third (36%) offering ‘good’ or ‘outstanding’ mental health benefits to employees, according to their staff.
More than one million Twitter posts were shared this year using the #WorldMentalHealthDay hashtag on October 10. Meanwhile 21% of workers saying their employer showed support of the awareness day on at least one social media platform.
At the very least, businesses accused of ‘wellbeing-washing’ could prompt an eye-roll. At worst they could be labelled as hypocritical or of ‘virtue signalling’ as well as running the risk of damaging relationships with staff.
We know mental health issues occur in - and affect - our work. More than two in three (67%) employees are experiencing moderate to high levels of stress at work, according to the CIPD’s latest Health and Wellbeing at Work survey. And over a quarter (28%) have seen their productivity negatively impacted because of stress within the last two years.
Money worries are the top causes of stress, according to our Financial Wellbeing report, with employees twice as likely to be anxious about their finances compared to their health.
And as the cost-of-living crisis continues, these numbers will only get worse. Specific financial wellbeing support can be offered to employees to help them increase their financial confidence. Claro research shows one in two junior-level workers worry about their personal finances, but only 22% of people said their employer provided some sort of financial coaching.
Everyone would agree raising awareness of mental health challenges is important and helps create an environment where everyone feels comfortable speaking about their own. But along with tweets, raffles and coffee mornings, organisations need to also provide accessible and diverse support to their staff to make any improvement on their wellbeing.
9 min read
Today, offering financial education for employees is not just a good idea – it's essential. It forms the cornerstone of your employee financial...