Your say / Business
‘Employers should offer financial education’
Nearly 10 million working days are lost through stress in the workplace in the UK. Of those days, nearly half are due to financial stress.
Bristol has seen the biggest rise in the numbers of people seeking help for debt in the UK over the last quarter, according to data compiled by debt support organisation Creditfix.
People in Bristol are spending so much on rent and mortgage costs that it can start to impact on their work life.
is needed now More than ever
I think it would it would be win-win all round if employers offered education around money in the workplace. Financial education has started to become the norm in some workplaces, but more businesses could get on board to reap the benefits.
If employers can help their employees better manage personal finances, it can improve their mental and physical health.
This in turn reduces absence and leads to happier, healthier employees. It would help improve efficiency and happiness among the workforce, which leads to more profitability. It is a long-term solution, which can make a real positive difference in a business.
A survey carried out by ‘The Actuary’, a body which measures risk in business, found that 79 per cent of British people want financial education in the workplace – but 40 per cent said they receive little or no financial help from their employers.
Employers could easily help their staff with little effort by making use of their Employee Assistance Plans or providing education around government initiatives such as Help to Buy, Lifetime ISA’s and Childcare vouchers.
Employees could also be informed of the more traditional, long term financial issues, such as pensions, once they have improved their day to day budgeting.
For this reason, I teamed up with the Royall Wealth Club’s event, which is aimed at helping people make the most of their money while supporting their community.
The club includes business owners who employ people and would benefit from financial guidance for both themselves and their employees.
As a mum-of-four, I know it can be hard to keep the family finances in check. But 30 years in finance has taught me two quick wins.
Firstly, it’s important to plan and keep planning regularly. This way you can see where your money is going and take control.
Secondly, having an emergency fund in place gives you a safety net. However, this should only be done once you have dealt with any outstanding personal debts.
It takes courage to look at your finances with an objective eye. But it is worth it for your financial, mental and emotional health.
The next Royall Wealth Club event, ‘healthy body, healthy mind,’ will take place at The Watershed, on July 4, from 6pm. For more information about the Royall Wealth Club, visit www.royallwealthclub.com
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