Employers can also be advisers or mentors when the task is to get their people thinking about their goals, their plan, their strategy. That then frames their personal financial management in terms of targets, incremental steps and rewards in a set timeframe. No one wants a mortgage – they want a home, they don’t want to hide £100 a month away – they want a holiday, they don’t want to pay into a pension – they want to retire at the right time on the right money. Thinking about financial wellbeing as a key element of an employee benefit scheme is a key pillar in support of improved mental health overall – think ongoing fitness plan as opposed to bootcamp of a one-off hit workout! Any employer who understands the ambitions of their staff is key in supporting diverse communities, especially when pay rises are probably on hold for the foreseeable future in many organisations, and many continue to work remotely. Employees are more likely to trust their employer to help them gain control over their personal financial situation than a financial adviser. It might involve your managers talking to their teams, or bringing in expert support, or just giving staff the tools to improve their situations What’s certain is that having a good view of the current situation, a set of goals and rewards, and a journey of baby steps towards them, will get people coming to work with purpose. And when people have a purpose at work, they have even more reason to perform. And to do so with a positive, healthy mindset.
*Millenium Cohort Study, 2016, University College London