Employee Financial Well-Being: More Than a Benefit
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Future of Work

Employee Financial Well-Being: More Than a Benefit

06 December 2023 / Report

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Financial well-being—the sense of being in control of personal finances and on track for a healthy financial future—has a positive impact on employee health, performance, and engagement.

Trusted Insights for What’s Ahead™

  • With real income being squeezed across Europe and heightened demands for pay raises in a tight labor market, it’s an opportune time for businesses to hone a financial well-being strategy that meets employee’s needs and drives talent engagement.
  • Financial well-being is not a synonym for better pay. Anyone can experience financial anxiety triggered by diverse causes or situations. For example, research shows that the two employee groups most affected by financial anxiety are those within the lowest and highest pay groups. Despite the increase in financial anxiety, few employers have a financial well-being policy in place.
  • Financial well-being strategies can alleviate anxiety and help attract and retain workers. Research shows that globally 60% of full-time employees are stressed about their finances and nearly three quarters say that they would consider another company with a better financial well-being offering. CHROs should partner with CFOs and other key organizational stakeholders to position employee financial well-being as a central component of the company’s reward program and its overall well-being strategy.
  • To achieve maximum return on investment, a financial well-being strategy should focus on improving financial resilience (e.g., budgeting skills) and building financial acumen via education, training and practical tools, and resources for all levels of employees. Employers need to consider the legal contexts of the countries in which they operation to avoid crossing the boundary from educating into providing financial advice, the latter of which could create a liability for their company or contravene local financial regulation.

Financial well-being—the sense of being in control of personal finances and on track for a healthy financial future—has a positive impact on employee health, performance, and engagement.

Trusted Insights for What’s Ahead™

  • With real income being squeezed across Europe and heightened demands for pay raises in a tight labor market, it’s an opportune time for businesses to hone a financial well-being strategy that meets employee’s needs and drives talent engagement.
  • Financial well-being is not a synonym for better pay. Anyone can experience financial anxiety triggered by diverse causes or situations. For example, research shows that the two employee groups most affected by financial anxiety are those within the lowest and highest pay groups. Despite the increase in financial anxiety, few employers have a financial well-being policy in place.
  • Financial well-being strategies can alleviate anxiety and help attract and retain workers. Research shows that globally 60% of full-time employees are stressed about their finances and nearly three quarters say that they would consider another company with a better financial well-being offering. CHROs should partner with CFOs and other key organizational stakeholders to position employee financial well-being as a central component of the company’s reward program and its overall well-being strategy.
  • To achieve maximum return on investment, a financial well-being strategy should focus on improving financial resilience (e.g., budgeting skills) and building financial acumen via education, training and practical tools, and resources for all levels of employees. Employers need to consider the legal contexts of the countries in which they operation to avoid crossing the boundary from educating into providing financial advice, the latter of which could create a liability for their company or contravene local financial regulation.
  • Multinational companies have accelerated their financial well-being strategies which, according to our survey, take priority over health care, pension provisions, and other benefits. Practical actions that companies can take include data-driven individually tailored offerings; new instruments such as short-term loans and rental deposit loans to alleviate immediate financial need; technology to inform employees or “nudge” changes in financial behavior; and training to reduce stigma and encourage open conversations about ways to improve financial health.
  • Create a supportive and open culture where financial well-being is recognized as equally important as physical and mental well-being. The stigma that still surrounds personal finances can be a major barrier to effective financial well-being programs. While this will remain a sensitive topic for many people, creating a culture of
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Authors

Marion Devine

Marion Devine Marion Devine

Principal Researcher, Human Capital, Europe
The Conference Board

Read Bio

Camilla Andretta

Camilla Andretta Camilla Andretta

Former Research Associate, Human Capital Center, E…
The Conference Board

Read Bio

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