What do we mean by financial wellbeing?
This is a feeling of being financially secure and in control. It is being confident about your financial situation including paying bills, managing your home and supporting and providing for your family. Having more money would always be nice however financial wellbeing is more about being in control of the money you do have.
It is about:
• Monitoring income
• Minimising debt
• Generating and planning savings
• Investing in retirement
• Reducing unnecessary spending
• Making wise investments
• Understanding pensions
What issues can impact financial wellbeing?
• stressful life events
Financial worries can impact on other areas of our wellbeing including our mental and physical health. It is important to signpost the right support for your staff when they are experiencing financial stress. Money worries are the biggest cause of stress for UK employees with many members of staff taking sick days due to the impact on their mental health. It is important to recognise when staff may be experiencing external challenges, checking in on your staff regularly, will enable you to gain a deeper insight.
Before trying to tackle financial wellbeing amongst your employees, consider the demographic of your workforce. Also, carry out an internal survey to find out and understand about any financial concerns and challenges. This feedback will guide you with implementation of training workshops and rewards and benefits. For suggested questions for your survey ask our dedicated Wellbeing Team to support you with a wellbeing survey.
How to tackle financial wellbeing as a school:
Copyright Commercial Services Group 2023
Developed by Evolution