A checklist for building your financial wellbeing strategy
At Wagestream, we believe in better financial wellbeing for all – this means the right financial wellbeing strategy with access to the right tools and services so that employees can build and maintain a secure financial future.
We design all our products and solutions with financial resilience as the key guiding principle and partner with organisations who share in our mission.
That’s why we’ve teamed up with Cheddr. They help businesses build and deliver financial wellbeing strategies designed to genuinely improve the financial lives of their employees.
Together we’ve devised a handy checklist for organisations looking to build a financial wellbeing strategy that’s inclusive and delivers real results.
To understand why the financial resilience of your staff is more important than ever, click here.
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 shame and creates 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.
This can promote positive outcomes for the employee and the 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.
Speak to Cheddr for more information about a financial wellbeing strategy that works for your organisation.
For more information about how Wagestream can work for your organisation, get in touch.