Employees want help managing their money

Many people would like their employer to offer benefits that help them manage their finances, new research has found.

According to reward and benefits consultancy Isio, support and guidance on looking after money would be especially popular.

For example, 36% of employees said they would welcome guidance on retirement planning and pensions.

Meanwhile, 20% revealed they’d like their employer to offer help with saving and investing.

Others, meanwhile, stated that they want a staff benefits package to include financial contributions that ease the pressure on their wallets.

For instance, half said they wanted their employer to make pension contributions, and a similar proportion expressed a desire for private medical cover and income protection for ill health.

The fact that so many people want help managing their money reflects one key takeaway of the study - 24% of employees don’t feel confident making financial decisions.

This can have significant implications for businesses, such high absenteeism and presenteeism rates, and staff struggling with morale and motivation.

And interestingly, people with low financial confidence were found to be much more likely to believe their employee benefits package doesn’t meet their needs.

As a result, their employers could be spending large sums on perks that aren’t being taken up or valued.

Andy Craig, partner and head of reward and benefits at Isio, noted that many employers have a benefits package that “appears to tick all the boxes in terms of a range of options and degree of flexibility”.

However, he said that in many cases, employees haven’t been “effectively engaged with it, and therefore, take-up is low”.

As a result, Mr Craig believes employers need to adapt their benefits packages to the “evolving needs of their workforce”.

“Benefits are a significant spend for employers and the budget could often be better spent,” he commented.

“The demand for flexible, inclusive benefits is growing, and those businesses that respond will not only retain talent but also create a more engaged and resilient workforce.”

Source: Just 16% who are dissatisfied with their benefits would move jobs