Employee Financial Wellbeing Service Launched by Vintage

November 27th 2019

Statistics show that 36% of us worry about money. Those that do are five times more likely to suffer from mental health issues and four times more likely to experience panic attacks. The same research also shows that 28% of people find it difficult to talk about money.

For businesses in the region, this means that if an employee is having problems, youre unlikely to hear about it. Instead, employees may present a range of issues such as low mood, conflict with teammates or absenteeism, masking the root cause of the problem.

It is because of this that Vintage, Chartered Financial Planners, based in Preston Farm, has launched a service for businesses who want to support their employees in achieving financial wellbeing while boosting morale and productivity at the same time.

The package offers both business owners and their employees access to education, advice and guidance about their money through on-site seminars, coaching sessions, access to the Vintage View App and personal recommendations tailored to the needs and budget of each individual business.

While there has been a significant rise in businesses adopting a range of wellbeing strategies for their team, one aspect which has been largely ignored is employee financial wellbeing. In fact, this area has been so overlooked that the Chartered Institute for Personnel and Development has called on employers to specifically include this when designing HR strategies.

One reason suggested for the lack of focus on financial wellbeing, is that business owners and HR professionals dont know where to turn for help and are unsure how to implement schemes which will deliver a meaningful return on investment.

That said, money can have such a large impact on so many other areas of life and therefore has a knock-on effect on things such as mental and physical health. Having enough money allows freedom to enjoy hobbies, buy nice things and treat our loved ones, yet people receive very little formal education around managing it effectively.

Given the link between employment and pay, employers are well-placed to take on the challenge of growing knowledge about finances. Employers are there when employees reach significant milestones such as a change in job, promotion or retirement which are key times when access to financial advice could make a huge difference to the outcome.

What is interesting is that financial wellbeing doesn't just affect those at the lower end of the pay scale. In fact, its reported that those who earn over £100,000 experience the same level of stress as those who earn under £10,000.

This shows that financial wellbeing isnt about pay rises. While it is important to ensure that you are paying your team a fair wage and are ideally open and transparent about salary, giving people more money is unlikely to lead to long-term financial wellbeing.

If you would like to find out more about the Employee Financial Wellbeing package, contact Vintage on 01642 52 50 50 or email support @vintage-fp.com or further information is available on www.vintage-fp.com.