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Building a financial wellbeing strategy - your checklist

Now, more than ever, financial resilience is one of the top priorities for both employers and employees. By having access to the right tools and services, employees can build and maintain a secure financial future.  

At Wagestream, we design all our products and solutions with financial wellbeing as the key guiding principle and partner with organisations who share in our mission.   

We've devised a handy checklist for businesses looking to build a financial wellbeing strategy that’s inclusive and delivers real results.  

The key elements of a successful financial wellbeing strategy include: 

Must be available to everyone 

Money can be a touchy subject.  For many people it’s a source of genuine worry and can lead to the creation of inequality.  It’s important that employers don’t make too many assumptions about what their people need or create exclusion. 

In fact, 5.8 million people in the UK are excluded from affordable credit options. They are often the ones that need the most help but are least likely to get it. By offering a universally inclusive financial wellbeing programme, you can help to break the negative credit cycle and promote financial inclusion.  

Must be available at the right moment 

We know that payday lenders target the most vulnerable in the final days of the month. Access to tools and information every day of the month, when they need it most, can provide suitable alternatives, avoid the use of high cost short-term credit, and promote positive outcomes for the employee and employer. 

Must be accessible 

Any programme must be delivered in a way that meets the needs of employees.  Providing a variety of delivery channels from websites to apps, webinars or workshops and one to one sessions will cater to the diverse needs of your workforce.  Delivery via a number of channels also shows your employees that you care and respect their individual learning styles. 

Must include independent financial guidance 

Empowering employees to make informed decisions when it comes to their money should only be done through independent financial guidance.  An unbiased partner can help to protect the employer and help employees feel more confident about the quality of information they’re receiving. 

Doesn’t increase employee debt in any form  

The need to access credit is a reality for many.  However, encouraging debt shouldn’t be a part of a financial wellbeing strategy seeking to improve the lives of employees. Borrowing money won’t change behaviours or reduce financial stress but knowing all the options and feeling empowered to make the best individual decisions will. 

Must promote good saving habits 

How we feel about our money depends on the choices we make every day. Making the right decisions and building good savings habits is a great way to start building financial resilience, feel more confident about the future, and help reduce financial stress. 

Knowing what’s best for your team can be challenging as it’s not just one size fits all. By starting with this checklist, organisations can set themselves on the right path to becoming more resilient and feeling in control of their financial lives. 

Symatrix and Wagestream are working in partnership to give you access to the tools your employees can use to achieve true financial wellbeing. If you’d like to speak to an expert about your financial wellbeing strategy, get in touch today. 

About the author

Vickey Wallis

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