According to research by Close Brothers Asset Management, almost half of UK employers do not have an employee wellbeing strategy in place, despite the knowledge that it is essential for motivation and overall staff happiness.
Some 48 per cent of UK employer respondents to the business barometer, which surveyed 850 UK employers, reported that they had no such strategy in place, and just 23 per cent of those that did have a strategy in place reported that financial wellbeing was included within it.
Jeanette Makings, the head of financial education at Close Brothers Asset Management, said of the findings: “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.
“Financial wellbeing is becoming even more important with the rise of defined contribution pensions, increasing longevity and the increased responsibility this places on all individuals to plan for their finances today and for their future. It needs to be a key focus for organisations that want to make a difference to their employees and to their overall business, helping growth and retention over the long term.”