Financial Wellbeing for Businesses

Financial wellbeing for businesses
Wellbeing is characterised as the overall wellness of an individual and is comprised of three key components:

Financial wellbeing

This is about having a sense of security and feeling in control of meeting day-to-day financial requirements, whilst having the freedom to enjoy life.

Physical wellbeing

This is about being safe, sheltered and in good health.

Mental wellbeing

This is where an individual realises their own potential, can cope with the normal stresses of life and is able to work productively.

A person’s ability to live life effectively is ultimately dictated by these variables. Financial wellbeing is core to this and has been shown to directly impact an employee’s motivation, productivity and absenteeism. A study by the Money and Mental Health Policy Institute discovered that 67% of respondents struggled to concentrate at work due to financial pressures, whilst Aegon calculate that poor financial wellbeing costs UK employers £1.56 billion a year due to absenteeism, with 4.2 million days lost.

As a result, financial wellbeing is increasingly becoming an essential component of modern employee benefit offerings and it is now considered a ‘must have’ for those organisations looking to attract and retain employees of a high quality. We are able to support your employees with a 3-step program, which is structured to provide a range of information and guidance to help individuals at each life stage, to improve their financial position in the short, medium and long term. 

 

Level 1 – The essentials
Our essentials content is aimed at employees from all lifestages and with differing knowledge surrounding their financial positions. This is delivered as a workplace presentation.

Within our content we are able to provide overarching principles, concepts and information so that your employees can identify steps to improve their financial wellbeing over the short, medium and long term.

This is ideal for organisations looking to start a multi-step employee training program.

Level 2 – Additional insights
This content has been developed to build on level 1 and is focused at audiences who are in one of the three specified life stages.

By attending one of these sessions your employees will be provided with additional insight about the financial wellbeing considerations at their specific life stage.

Your employees can also expect to learn about the steps and contingencies required to prepare for the next life stage.

Level 3 – Financial advice
Typically, level 3 is where we would expect an individual to seek financial advice in order to further develop their financial wellbeing.

From this financial advice an individual can expect to develop and implement a personal financial plan that is tailored to reflect their own financial circumstances and objectives.

It is likely that your employee would seek this advice without your financial assistance.

Pricing for our financial wellbeing program starts at £500 (+VAT) per session, which we believe is a cost-effective way of addressing this issue when compared to the cost of providing individual support and the positive impact this can have on employee wellbeing.

If you would like further information about these services, or if you would like to arrange a workplace presentation for your employees, please do not hesitate to contact us on 01603 706 820. Alternatively, you can email us at employeebenefits@lffp.co.uk.

Useful resources:

For more useful information, please visit our resource centre.

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