Financial education is often the first step in a financial wellbeing strategy – it’s important, but it is not sufficient to achieve genuine behaviour change and improved financial wellbeing.
How have you measured financial wellbeing success?
Common metrics, like number of attendees at in-person workshops, tend to measure the wrong thing.
Because they can’t show that a change in behaviour has occurred at the individual level.
So you need to start with that – what does positive behavioural change look like when it comes to financial wellbeing?
Here are a few examples: taking out fewer payday loans, or saving more money, or dipping less into unarranged overdraft facilities. Moving a retirement date forward is also a relevant outcome. More conceptually, feeling positive about your financial future suggests positive outcomes have been achieved.
Not all of these are easy to measure (things like increased savings into company-sponsored savings products are, of course, or pensions auto-enrolments) – you’ll probably need a mix of hard data and employee-reported qualitative responses.
Using a financial wellbeing survey on a regular basis has the added benefit of normalising the ‘money conversation’ in the workplace.
Once you start measuring the right things, you may be able to start to track results between, say, different cohorts of employees, departments, functions or locations and analyse at a more granular level what is actually turning the dial and why.
This article explores one slice of our full, free report, ‘The truth about financial education at work‘. Download it below.