CIPD | Employee financial wellbeing (2024)

While there are multiple strands to the concept of financial wellbeing, which are discussed in detail in the CIPD’s Financial wellbeing evidence review, it can be thought of as an employee’s ability to make the most of their money and finances on a day-to-day basis, while also being able to deal with the unexpected, like a bill for a car or household appliance breakdown, and being able to plan and save for the future. The Money and Pensions Service (MaPS) refers to financial wellbeing as feeling secure and in control, alongside being financially resilient, confident and empowered.

"52% of all UK adults do not have a plan for their finances in retirement."

"45% of all UK adults do not feel confident managing their money and almost 9 million people are in serious debt."
^{MaPS Adult Financial Wellbeing Survey 2021}

"Five million people approaching retirement age do not have an adequate retirement income and 1 in 6 have no pension savings."
^{Pensions Policy Institute / Centre for Aging Better, 2021}

A useful framework is produced by MaPS in itsUK Strategy for Financial Wellbeing. It suggests financial wellbeing is impacted by an individual’s:

• behaviour (for example, managing money, planning ahead, proactively seeking advice)
• mindset (for example, financial confidence, spending control, engagement with money, saving orientation, digital engagement, and so on)
• abilities (for example, financial numeracy, understanding of financial concepts, knowledge of where to access advice)
• connections (for example, access to reputable financial guidance).

Poor financial wellbeing can lead to financial distress – when individuals struggle with their current finances or feel insecure about their financial future. As well as being caused by not having enough income to cover expenses, all of the above elements can underpin financial distress.

Action needs to be taken as a priority because financial and related mental health issues are affecting a significant and growing proportion of the workforce, negatively impacting employee wellbeing and performance. Employees not only need but now also expect this support from their employer.

Before the pandemic, money worries were already a major cause of stress for many employees. In England alone, over 1.5 million people were experiencing both problem debt and related mental health problems, and over 100,000 people every year attempted to take their own life while struggling with problem debt. But since the start of the pandemic, financial wellbeing has worsened for many, with lockdowns negatively affecting many people’s financial security as well as physical and mental health. In addition, the consequences of financial distress have grown, such as rises in domestic or financial abuse and growth in the use of food banks.

Rising living costs are now having a similar, for many even worse, financial impact, with a 2022 poll conducted for the World Economic Forum finding a quarter of people in 11 developed countries are struggling financially. Employers are rightly worried about the impact on their employees and their customers. For 35% of boards, rising living costs are their major concern right now, overtaking other concerns linked to loss of competitiveness (25%) and Brexit (17%). Almost three-quarters (73%) of employers expect their employees’ financial situation to worsen over the next 12 months as price rises squeeze living standards further. An equal proportion of employees are also more worried about their finances now than they were before the pandemic. Indeed, half of UK adults say they are currently struggling to keep up with bills and credit commitments, with the lowest paid the worst hit – although poor financial wellbeing can affect employees at all levels.

There is also a continuing lack of awareness of in-work poverty. Some 36% of HR professionals think that their senior management is completely unaware of the issue, and in the higher-risk, low-paid and female-dominated sectors, such as retail, hospitality, catering and cleaning, this proportion increases substantially (61%).

"Only 6% of organisations have a policy to reduce in-work poverty."
^{CIPD Reward management survey, 2022}

CIPD research has shown that when employees experience financial distress, their wellbeing and job performance suffer:

• Over a quarter (28%) of people already say money worries have impacted their work performance, most commonly through lost sleep, health problems such as stress or anxiety, and finding it hard to concentrate or make decisions at work.
• Almost a third (29%) of employees say cost-of-living-related financial worries have negatively impacted their productivity at work.

Mental ill-health is estimated to cost employers £34.9 billion a year and the cost to the UK economy of financial worries is estimated to be £120 billion due to lost productivity.

"Only 18% of organisations have an employee financial wellbeing policy in place, yet employees covered by a financial wellbeing policy are seven times more likely to report their employer has a positive impact on their financial wellbeing."
^{CIPDReward management survey, 2022}

Despite this impact, financial wellbeing remains one of the least common areas included in HR strategies and in health and wellbeing activities. And few employers are encouraging their staff to talk about their money worries (22%), the foundation of an effective EFW policy.

Employers, however, are increasingly reporting a rise in demand from employees for workplace financial wellbeing support. All employers, regardless of their size and sector, can step up to meet this demand, by putting a financial wellbeing policy in place that has three core elements:

• payment of at least a fair and liveable wage
• support for in-work progression
• financial wellbeing education and support.

"33% of employers report that there has been a rise in demand from employees for financial wellbeing support."
^{CIPD Reward management survey, 2022}

There are five key steps to developing an effective policy for supporting employee financial wellbeing, illustrated in Figure 3.

These steps were based on evidence from the original policy paperEmployee financial wellbeing: Why it’s important; a literature review; workshops with experts in financial wellbeing; and an IES study funded by the Money Advice Service which trialled the original CIPD employee financial wellbeing guidance within two large public sector organisations.

Rising living costs may have already started the conversation among your organisation’s key stakeholders – senior managers, leadership, board members – around the need to support the financial wellbeing of employees. Over half of HR professionals (51%) report an increase in recent months in how much employee financial wellbeing is being discussed by senior management in response to rising household energy costs.

While reward/benefits and HR teams are increasingly committed to supporting employee financial wellbeing, greater levels of engagement among the board and senior management level are typically still needed.

You need to achieve a common understanding across the whole organisation of the multiple strands to financial wellbeing. Your leadership team should set the cultural and strategic direction for support – for example, to be open about money issues, visibly support practical actions and, very importantly, back these actions with some investment.

Creating a strong business case for support will set the strategic direction for your organisation and cement the understanding and value in supporting employee financial wellbeing among your organisation’s leaders and other key stakeholder groups.

A persuasive business case for senior management to support their employees’ financial wellbeing should:

• provide a definition of financial wellbeing that all stakeholders understand
• link to any broader health and wellbeing strategy and the business strategy
• demonstrate understanding of the current and future priorities of leadership
  state the goals for the EFW strategy – for example, to improve the mental and physical wellbeing of employees, reduce employees’ reported financial stress levels, enhance the organisation’s brand and reputation, and so on (see Figure 4)
• demonstrate the ethical or corporate social responsibility case for financial wellbeing support and demonstrate how support can reflect organisational values
• benchmark your organisation against what competitors are implementing to support their employees’ financial wellbeing
• highlight the associated costs of engagement
• highlight the well-evidenced risks to the organisation that employee financial distress can bring.

"Some 94% of organisations see financial wellbeing as an integral part of wider employee wellbeing, and link it to HR objectives, such as workforce planning, employee engagement and recruitment and retention."
^{REBA/WEALTH at Work, 2022}

Poor financial wellbeing impacts health in terms of poor psychological wellbeing, higher stress and anxiety levels, and lower levels of good health. There are hefty organisational costs associated with these outcomes in key areas such as productivity, retention, attendance and engagement (see Table 1 for relevant statistics that could be included in your business case). These impacts provide a convincing case for a financial wellbeing strategy, especially in the current climate when financial problems are increasing for many due to rising living costs.

In addition, research also shows that employees now expect their employers to offer support, with over half (59%) of employees believing it is important that their current employer has a policy in place to support and improve their financial wellbeing, and more than four in five employees stating their employer should now focus as much on financial wellbeing as on mental and physical wellbeing.

"65% of employees think it’s important that their future employer has a policy in place to support and improve their financial wellbeing."
^{CIPD Reward management survey, 2022}

Table 1: Example costs to organisations of poor employee financial wellbeing

While progress has been made in recent years in taking action to support EFW, there has been less focus on assessing needs and then evaluating effectiveness. It is important that you also focus on these key stages to ensure your activity in this area meets the needs of your employees and has maximum impact. Assessing employee needs helps to identify which employee groups are experiencing financial distress and are in most need of support or those who are at most risk. Rather than making assumptions about what employees need, it is vital to engage with your employees and proactively identify issues that may affect different employees.

How can I identify an employee who is struggling financially?

Changes in employee behaviours, such as higher absence, lower productivity, presenteeism, lower-quality work, changes in mood, more distraction or less focus and attention to detail, increased overtime working, or delayed retirement plans may all be indicators of financial difficulties. You should ensure HR and managers know how to spot the physical, psychological and behavioural signs of poor mental health. Normalising conversations about money in the workplace may encourage employees to feel more comfortable about raising their concerns – by leaders openly discussing these issues, for example.

Consider the characteristics of your workforce

Poor financial wellbeing can be difficult to identify, and all employees can experience it – it is not only low-paid, junior or lower-skilled employees who are at risk. Many senior employees also face financial challenges.* In addition, the risks vary depending on sector, hourly pay and hours worked, geography, age, gender, ethnicity and disability. Some of the most vulnerable to in-work poverty are:

• those not working full-time
• single-parent families
• people living in rented accommodation
• families who have a member with a disability
• families with three or more children or households headed by someone from an ethnic minority group.

* _{CIPD roundtables held to inform the 2022 Reward management survey cited examples of senior employees getting into financial difficulties due to life events such as illness, bereavement, or divorce/separation. In addition, a survey from Salary Finance (2019) found that the employee groups with the highest level of financial worries were those earning less than £10k per annum, between £10k and £15k per annum, and those earning more than £100k per annum (cited in Alliance Manchester Business School. (2020) National Forum for Health & Wellbeing at Work: Financial Wellbeing Guide. The University of Manchester, February).}

Because of this, there can be no one-size-fits-all approach to supporting employee financial wellbeing, as certain employee groups and people at different life stages may benefit from different types of support.

Therefore, before any support interventions are rolled out, you should determine your workforce’s specific support needs, based on information and data rather than assumptions.

You may find it helpful to consider the characteristics of your workforce and split your employees into groups to better understand their likely financial challenges, especially in the current economic context. In addition, you should be mindful of any future workforce demographics in any assessment of need, especially if your organisation is embarking on change.

While not all employees in the characteristic groups will face the same challenges, it is a helpful starting point. Useful segmentation could include:

• people starting their first job or apprenticeship, whose challenges could include their ability to understand and effectively use personal finance skills, substantial student loans or credit card debt, limited affordable housing and navigating future financial goals
• people dealing with increasing day-to-day financial pressures while balancing the demands and costs of family life with the need to save more to buy a house or have enough for retirement
• people needing to maximise their retirement fund, potentially with responsibilities for older people, or developing ill health themselves
• socio-demographic factors: some smaller employers may have knowledge of the circ*mstances of their employees that may place them in higher-risk categories for poor financial wellbeing – for example, lone parents, carers and social housing tenants.

"More than half (59%) of employers identified poor financial literacy as a major financial wellbeing risk across all generations."
^{REBA, 2022}

Collate relevant information

A significant challenge to effectively supporting EFW is having enough information about employees’ financial circ*mstances to understand their needs. More than a third (35%) of organisations do not currently measure any aspect of employee financial wellbeing, and two-thirds of organisations state they do not have the data to understand their employees’ financial challenges, increasing the risk that any interventions will have little or no impact.

This lack of data may be partly due to the stigma that remains surrounding money issues and reluctance to disclose information about personal finances (although these reservations appear to be lessening in the current crisis). However, research by the CIPD found that only 20% of organisations actually ask their employees about their financial wellbeing at least once a year. In addition, only 10% of employees state that their employer has asked them if they would like support with their financial wellbeing.

A bespoke anonymised employee survey is generally the best tool to determine employees’ financial wellbeing needs and help to identify particular issues that are causing financial distress. See an example of this approach in our NHS West London case study.

If not enough data is available and a survey isn’t an option, you may be able to use existing sources of employee information to gain insights (ensuring GDPR requirements are met), for example:

• A simple analysis of your workforce demographic (for example, age, gender, income levels, culture and location) may help to inform the potential nature of any financial worries.
• Publicly available sectoral research may provide relevant industry data.
• Looking at data in your HR system (data on age, salary level, employment status, bonus payouts, use of maternity/paternity/adoption leave) may provide clues for offering timely support to employees.
• The outcomes of equal pay audits, gender or pensions gap analyses may highlight any disadvantaged groups.
• Absence (related to stress or anxiety) data and/or disciplinary case data (related to performance issues, lateness, or even theft/fraud) may indicate poor financial wellbeing or in-work poverty.
• Your payroll department may be able to share information about the nature of employee queries they receive.
• Your employee assistance programme provider and existing providers of any financial benefits may be able to provide insights linked to the take-up of relevant support; for example, a low take-up of benefits such as pensions and saving schemes may indicate low levels of financial understanding or inadequate pay levels, and any increase in the take-up of pay advances or hardship loans may indicate financial distress.
• Managers may be able to offer anonymised insights into their experiences with employees related to money issues; however, to preserve the environment of trust, ensure no personal information is shared.
• Similarly, trade unions may have data on the financial wellbeing of their members.
• Existing employee attitude or engagement surveys may also provide some clues about the current state of employee financial wellbeing in areas such as current levels of satisfaction, work-related stress, views on pay and benefits, and quality of management.

In terms of sources of new information on EFW, you could also set up focus groups to identify useful services and engage with employee representatives/networks.

Bespoke employee surveys

The CIPD report Financial wellbeing: An evidence review provides some validated and reliable measures of financial wellbeing to include in staff surveys. In addition, we include some sample questions in the Appendix 2 that may help to gain insights into your employees’ current financial wellbeing.

It is important to ensure employees understand why an employee survey is being conducted and to reiterate that responses will be anonymous and treated confidentially. Collaborating with your internal communications team could help to simplify the messaging. Having a champion at a senior level within the organisation may encourage participation. A summary of the findings should be shared with employees, alongside a commitment to help address any needs identified. These actions will help to foster trust and engagement in the process and may help to open dialogue between managers and employees on EFW, opening up the culture to these types of discussions.

Collecting baseline data before implementing any interventions also enables their impact to be evaluated (Stage 5 of this guide) and will help determine the return on investment of initiatives.

Map existing EFW support

In addition to the assessment of employee need, you should assess what is already in place within your workplace to support financial wellbeing. As well as helping to evaluate the effectiveness of any existing actions, this analysis will help to identify gaps in support, for which there may be employee demand, and areas for improvement. Beyond any existing financial wellbeing initiatives, you may want to include your current rewards and benefits policies in the analysis.

The actions you can take to improve your employees’ financial wellbeing are highly varied and will depend on numerous factors, including:

• your organisation’s size and sector
• the profile and needs of your workforce
• the level of priority and resources available
• your organisation’s existing approach to health and wellbeing.

It is possible that the scale of the challenge identified by your assessment of need will be significant, but it is important to note that, if necessary, rather than implementing whole-workforce interventions, action can be taken to address the specific needs of a particular employee group, identified through your analysis and data collation conducted in Stage 2. For example, your lowest-paid employees may be a key area for focus in the current cost-of-living crisis. It may not be possible to implement the most obvious solutions to help lowest-paid workers, such as pay rises or one-off cost-of-living bonuses. However, provision of a fair and liveable wage should be a key ambition. You should help employees determine if they are eligible for any additional government support and should ensure that any additional financial benefits offered do not negatively impact anyone claiming such support, for example Universal Credit.

Other things you can do are:

• signpost employees to financial education sources and alert them to online financial scams
• consider offering benefits that help to stretch pay packets, such as travel season ticket loans, discount shopping vouchers, flexible working opportunities that could reduce commuting costs or help with childcare
• occupational sick pay
• crisis loans to help cope with unexpected financial shocks
• help with rental deposits.

Employees should also understand how they can progress within the organisation to increase their earnings potential. See the CIPD guide Tackling in-work povertyfor further resources.

Organisations will be at different stages on their journey, and Figure 5 illustrates a typical spectrum of action on employee financial wellbeing. You should assess where you currently sit on this spectrum so you know where you need to focus.

Although not all support needs to cost money, you should confirm the available budget and resources for your financial wellbeing offering ahead of designing your approach, and give consideration to what can be effectively delivered internally and where external providers could be used. You could also trial some interventions ahead of a full rollout and almost certainly model and cost their operation; for example, how many people are likely to use a new service you introduce, how much will that cost, and what will be the value of the resulting benefits?

"Currently only 32% of employers that have a workplace financial wellbeing policy back it with a budget; however, more employers have plans to do so."
^{CIPD Reward management survey 2022}

For those just ‘starting out’ on their journey, Table 2 provides some suggestions for actions. These are typically lower-cost and less resource-intensive interventions. For organisations further along in their journey, we include some suggested actions for the ‘expanding’ and ‘leading’ organisations in Appendix 3.

Whatever your ambitions, be realistic and targeted, using your data to ensure you are creating a financial wellbeing strategy that accurately reflects the needs of your workforce in order to maximise its impact.

"81% of organisations hope to better retain employees with the financial wellbeing products and services they offer."
^{REBA, 2022}

Table 2: Suggested actions to support employee financial wellbeing for organisations just starting out on the journey

Implementation

Ensure you have a robust implementation plan developed at the outset of this stage as you embed EFW initiatives. You could, for example, use the questions in Table 3 to develop your plan.

Table 3: Example implementation plan development questions

The aims of this final stage are to measure effectiveness and set out how your EFW plan can and should evolve in the future, given that this journey will likely involve a multi-year set of initiatives, requiring a strategic and integrated approach. Evaluation is very important as research shows that only 12% of employees feel that their employer is very effective at supporting their financial wellbeing, so employee feedback alone is a good measure for evaluating and improving your approach.

It is essential to evaluate the effectiveness of financial wellbeing activities to understand what’s working, what’s not and why, ensure any investment is generating value and impact, ensure staff want and value the support in place, and build a robust case for continuing and extending the support. Yet over a third of organisations (35%) are still not doing so, and many of the rest rate their evaluation activities as inadequate.

The effectiveness of financial wellbeing initiatives can be measured through a variety of metrics. The most common measures include:

• participation rates in EFW programmes – for example, financial literacy or retirement workshops
• take-up of existing or new benefits – for example, pension plan and use of product discounts
• employee engagement levels
• data sourced from external financial wellbeing and EAPproviders and staff surveys (see Figure 6).

Obtaining this data allows you to respond to feedback and realign or adjust any initiatives that are not hitting the mark. Even the most successful employers on EFW regularly ‘tweak’ their approach, to introduce new industry products and enhancements and respond to the take-up and effectiveness of their existing provisions.

Analysing wellbeing data, for example absenteeism, stress levels, and so on, to determine any change since the introduction of the financial wellbeing support can also help provide an indication of impact. However, it can be difficult to attribute change directly to financial wellbeing support if external factors or organisational changes occur at the same time, so it’s important to interpret results carefully. Ideally, you should run trials and pilots of new schemes at the design stage, so impact can be assessed earlier and more directly, but time and resourcing pressures may make this difficult. However, whatever the pressures, some form of evaluation is essential.

Staff surveys can be a useful tool for determining how employees feel about financial wellbeing initiatives, while protecting employee privacy and confidentiality. Using an external provider to conduct such a survey may also generate more honest responses and provide reassurance around confidentiality. You could repeat the employee survey suggested in Stage 2 using the initial survey data as a baseline, which would indicate any improvements achieved. Or you could add relevant questions to an existing engagement survey or pulse survey.

Below are some example evaluation measures. Your measures should relate to the goals you set for your EFW strategy in Stage 1, from which you can pull together a dashboard of EFW that you should report to key stakeholders at least annually.

Examples of some possible measures

• profile of employees engaging with support (grade, age, gender, and so on) against targets
• employee reasons for participation in the support initiative/intervention
• relevance of financial wellbeing support to personal circ*mstance/need
• improvement in skills and knowledge related to support provided
• change in attitudes, mindset or behaviours arising from support received
• individual actions taken by employees as a result of receiving support
  change in any existing problems linked to poor financial wellbeing – for example, stress/ anxiety, sleeplessness, and so on
• ease of participation – for example, is support easy to access/understand
• repeat use of support and willingness to use again if applicable
• desired future direction of support.

Key evaluation considerations

• Anticipate there may be an initial increase in employees reporting financial problems once your organisation has embedded a financial wellbeing strategy as employees may feel morewilling to discuss money issues.
• Consider if you have allowed adequate time for your initiatives to have an effect and for new or changed behaviours, such as saving, to embed and become habitual before conducting the evaluation.
• Ensure you have identified all the costs and benefits associated with providing support, including the intangible ones.
• Consider how the cost of the invention/s has aligned with the impact on employee financial wellbeing.
• Explore whether there are differences in the impact of interventions bydifferent protected characteristic groups.
• How have different interventions interacted to create an overall impact on financial wellbeing?

Your EFW journey

In summary, the pandemic and escalating living costs have made the need to support employee financial wellbeing critical. Provision has increased, as too have the available products and tools. However, delivery needs to be better aligned with the variations in employee needs and with wider employer and HR objectives. A structured and budgeted approach that aligns with a broader and longer-term wellbeing strategy is generally required. Action can be progressive, as impacts are proven through evaluation and to align with your budget and available resources.

By following the stages highlighted in this guide, employers can effectively meet the growing demand and need from their employees for financial wellbeing support.

Downloadable resources

The following are all available from cipd.org:

• Employee financial wellbeing
• Financial wellbeing: An evidence review
• Cost-of-living crisis: How to help your employees
• Tackling in-work poverty
• Reward management survey
• Health and wellbeing at work

Sources of help

There are a number of information sources also available to employers and employees.

For employers:

• Financial Conduct Authority
• GOV.UK – Workplace pensions
• Pensions Regulator – information for employers
• HM Revenue & Customs – pension scheme
• Pensions Management Institute (PMI)
• The Money and Pensions Service:
  - Building financial wellbeing
  - UK Strategy for Financial Wellbeing
  - Financial Capability Strategy for the UK

For employees:

• The Money and Pensions Service (MaPS)
  -MaPS MoneyHelper
• Department for Work and Pensions
• Citizens Advice
• Debt Advice Foundation
• National Debtline
• StepChange Debt Charity
• Financial Conduct Authority: ScamSmart
• TaxAid
• Low Incomes Tax Reform Group

These example questions can be used to gain an insight into your employees’ current financial wellbeing and provide some baseline data before implementing any financial wellbeing support.

The survey should ensure it collects the demographic characteristics of your workforce to analyse if there are any particular and consistent differences in responses.

Suggested demographic characteristics: [Ensure your demographic questions do not jeopardise the anonymity of the respondent.]

• Age bracket, eg 18–24/25–34/35–44/45–54/55+
• Gender
• Marital status
• Work grade/level
• Region [if multi-site employer]
• Work status – full-time or part-time

1. As a reminder, financial wellbeing is about feeling secure and in control. It is about being able to make the most of your money day-to-day, while dealing with the unexpected and planning for the future. How does your financial wellbeing compare now with how it was in [Insert date, for example, January 2020?

(a) My financial wellbeing is a lot worse
(b) My financial wellbeing is a little worse
(c) My financial wellbeing is unchanged
(d) My financial wellbeing is a little better
(e) My financial wellbeing is a lot better
(f) Don’t know

2. How do you predict your financial wellbeing will be in the next 12 months?

(a) My financial wellbeing will be a lot worse
(b) My financial wellbeing will be a little worse
(c) My financial wellbeing will not change
(d) My financial wellbeing will be a little better
(e) My financial wellbeing will be a lot better
(f) Don’t know

3. To what extent do you agree with the following statements? [1=Strongly agree, 5=Strongly disagree]:

(a) I feel secure and in control of my finances
(b) Nothing I do will make much difference to my financial situation
(c) My health is suffering as a result of financial worries

4. Have money worries ever affected your ability to do your job?

(a) No, never
(b) Yes, a little bit
(c) Yes, a lot
(d) Prefer not to say

5. Which one of the following statements BEST describes how well you are keeping up with your bills and credit commitments at the moment?

(a) I am keeping up with all bills and credit commitments without any difficulties
(b) I am keeping up with all bills and credit commitments, but it is a struggle from time to time
(c) I am keeping up with all bills and credit commitments, but it is a constant struggle
(d) I am falling behind with some bills or credit commitments
(e) I am having real financial problems and have fallen behind with many bills or credit commitments
(f) I don’t have any bills or credit commitments
(g) Don’t know/prefer not to say

6. On a scale from 1 to 5 (where 1 is not important and 5 is very important), how important are the following aspects of financial wellbeing to you?

(a) Being able to develop and progress my career and increase my future pay
(b) Being able to understand money better, so I know how best to borrow, spend, save, and invest it
(c) Having access to employee benefits that increase my spending power or protect me and my family should I fall ill
(d) Being able to save for the future (for example for retirement, a first home)
(e) Feeling fairly rewarded for my efforts through pay rises, bonuses, promotions, and so on
(f) Being able to comfortably pay off existing debts, such as credit card or mortgage

7. To what extent, if at all, do you agree or disagree with the following statements about your employer?

(a) I would like support with my financial wellbeing from my employer
(b) My employer is doing enough to support my financial wellbeing
(c) The benefit package on offer supports me at different stages of my life
(d) It’s quick and easy for me to access the benefits offered
(e) I understand the benefits package on offer
(f) My pay is enough to help me save for my retirement
(g) If I were facing financial problems, I would feel comfortable asking for help from my employer

8. Apart from increasing your pay, which of the following things would you like from your employer in order to improve your financial wellbeing? (Please select up to 5 options.)

(a) Improve annual leave/paid time off
(b) Introduce/improve staff benefits that protect me and my family (for example occupational sick pay, private medical insurance, dental insurance, life assurance)
(c) Introduce/improve benefits that allow me to save for the future
(d) Introduce/improve flexible working opportunities
(e) Invest more in my training and development
(f) Introduce/improve the benefits package to help me cut my fuel and energy costs
(g) Introduce/improve the benefits package to help me buy retail items at a discount (for example, food, clothes, housewares, and so on)
(h) Introduce/improve benefits to help me buy travel items at a discount (for example, public transport season ticket loans, train ticket discount, or cycling schemes)
(i) Introduce/improve financial education/guidance
(j) Other
(k) Don’t know
(l) Not applicable – I do not want my employer to do anything to improve my financial wellbeing

9. You previously said you would like your employer to introduce/improve financial education/guidance in the workplace. On what particular topics would you like support?

(a) Pensions and retirement
(b) Debt management
(c) Avoiding financial fraud
(d) Budgeting
(e) Childcare issues
(f) Savings and investments
(g) Wills
(h) Estate planning
(i) Getting married/divorced
(j) Flexible benefits
(k) Financial planning
(l) Insurance and protection
(m) Tax
(n) Mortgages
(o) Being a carer

Table 4: Expanding and leading organisations