Case Study

Tackling financial anxiety in the workplace with a financial wellbeing programme

The Problem

After recognising that financial anxiety had escalated in their workplace, our client came to us to help find a solution.

Conscious that this type of anxiety can come at a price for their employees’ health and wellbeing, as well as potentially being a financial cost for the business, our client wanted to help overcome the lack of knowledge around personal financial planning.

How to manage your own personal finances is sadly lacking from our schools’ curriculum and employees are somehow expected to work out how to cope, without the tools to do so.

On average employees spend 13 hours a month worrying about money whilst at work and 56% admit feeling that financial anxiety impacts their job.

Employers often spend a large amount of resource and money on providing various employee benefits, but rarely stop to ask themselves what they can do to help their employees with financial planning education – that’s where we can help.

Building a competitive employee benefits package

“As an office manager I became used to hearing the everyday conversations amongst the office staff, but increasingly noticed how much of it was financial worries and how it impacted morale,” our client explained.

“I decided to speak to HR about this and see if, on an off-chance, there were any schemes that could equip us to help.”

“We didn’t know that companies such as Canter Holland provided services outside of the usual benefits packages that are typical to most companies. We wanted something different, something fundamental and useful for our employees that would enhance them outside of work, freeing them to then bring their A-game to the workplace.”

Our solution

Our client chose to use us because of our ability to provide a financial wellbeing plan that could be tailored to suit any number of needs, such as:

  • How to budget effectively so that you do not run out of money a week before payday
  • What do you need to do to prepare for buying a flat
  • Making sense of the many different mortgage options
  • Should I remain in the pension scheme or opt out?
  • Retirement seems like a long way away so what do I need to do now to plan for it?
  • How do I start to build up some savings?
  • I want to start investing some money on a regular basis but where do I start?
  • I haven’t made a will, is that a problem?
  • Do I need to have any life or critical illness insurance?

We worked closely with our client’s HR Department to build a bespoke programme for the business and the workforce. Our aim was to create a long-term education programme to improve the financial capabilities of the employees.

With this client we worked on a bespoke deliverable method with their HR department. Therefore, we can deliver the programme in a series of ways, depending on what is suitable:

  • We deliver on site workshops,
  • We offer seminars and financial surgeries delivered on a one-to-one basis,
  • Finally, we also offer webinars.

The results

Financial wellbeing can be defined as ‘an individual’s ability to successfully manage their current financial state and plan for their financial future’. It has been shown to have a large impact on your employees’ emotional wellbeing and workplace anxiety, which is why our client came upon our service, in the hope of alleviating the disharmony.

We ensured that we delivered a service that:

  • Reduced workplace anxiety
  • Improved employee’s health and wellbeing
  • Increased motivation and commitment within the workplace.

The benefits of financial education are clear, helping to look after your employees lives outside of the workplace means they will have fewer distractions in work.

Providing your employees with the tools and knowledge to plan effectively for the future can have a positive impact on their lives and your business.

Learn more about how our Financial Wellbeing Programme can prove valuable to your business, as well as its employees

Call 0845 127 1444 or hello@canterholland.com