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Despite many people feeling stressed about their finances, they’re not necessarily seeking the support they need. This Talk Money Week (4–8 November), now’s a great time for your clients to encourage members to open up. Here are some ideas to help them kick-start these conversations.
Financial uncertainty is taking its toll on people’s wellbeing. In fact, according to Standard Life’s Retirement Voice 2023 report, 1 in 4 say that managing their money has caused them sleepless nights and poor mental health.
Despite this, our research shows that the majority of people – 6 in 10 – don’t seek the support they need.
Women in particular are less likely to look for help than men (26% vs. 36%), even though they’re more likely to feel concerned about their finances. Our insights reveal that almost half (47%) of women feel worried, anxious, stressed, or overwhelmed. For men, a third (33%) feel the same way.
Clearly, there’s a significant gap in the number of people who are feeling the pressure and of those who actively seek help. But why? And what can employers do to support those who might be struggling?
Why it’s important to seek support for money worries
Getting support and talking about money worries can make a big difference to people’s financial wellbeing and resilience.
According to the Money and Pensions Service (MaPS) – whose Talk Money Week campaign runs each year – people who talk about money make better and less risky financial decisions, and feel less stressed or anxious and more in control.
Despite these benefits, the majority of people keep quiet. MaPS research shows that 8 in 10 people avoid discussing their finances. Not wanting to be judged, fear of burdening others, and shame or embarrassment were the most common reasons for avoiding talking about money.
What can employers do to help reduce employee financial stress?
It’s important for employers to recognise that financial stress can have a far-reaching impact on people’s lives – and on the workplace. Indeed, our Retirement Voice research revealed that almost 1 in 10 people needed to take time off work as a result of managing their finances.
As we head into this year’s Talk Money Week, now’s a great time for your clients to encourage members to open up about their finances. Not only could it help to reduce stress, it could help improve their long-term financial wellbeing.
Here are a few ideas to help your clients get started:
Send a survey to understand member needs
For your clients’ support packages to make the most impact, it’s important they understand what’s weighing on members’ minds.
Some members might be worried about paying expensive bills or debts. Whilst for others, they might be prioritising getting on the property ladder. The only way to find out is to ask.
They could send out an anonymous survey to capture what’s worrying their members and ask what would help them. Then, they can use this feedback to create a personalised support offering that meets members’ needs.
Our ‘How to get your financial wellbeing programme started in 3 simple steps’ video guide has more tips on getting member feedback.
Boost members’ financial knowledge
Helping members get to know their money better can go a long way to helping them feel more in control of their finances.
If your clients are with Standard Life for their workplace pension scheme, members can power-up their financial knowledge with our Good Money Moods webinars. Available live and on-demand, our webinars answer the questions that may be on members’ minds, covering topics such as how to create a savings plan, saving for retirement, and managing caring responsibilities.
Your clients could signpost members to external resources and guidance too. MoneyHelper, for instance, contains loads of impartial guidance on a wide range of financial topics including everyday spending, buying a house, and saving into a pension.
Help members manage their day-to-day finances
If people don’t know how to begin managing their money, there’s a risk they may avoid their financial problems – which could make things worse.
Your clients can help by pointing employees towards tools to help them get better acquainted with their everyday spending.
Standard Life workplace pension scheme members can access tools like these through Money Mindset*, which includes Budget Planner, Spending Insights, and Pension Finder. Using open finance technology, Money Mindset also allows members to connect and view all their financial accounts in one place, helping them form healthy habits and make confident decisions about their money.
For more information on how to support your employees’ financial wellbeing, take a look at our financial wellbeing articles for some ideas and inspiration.
*Money Mindset is provided in partnership with Moneyhub Financial Technology Limited
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