Generali Employee Benefits UK will pay for employers to receive services from Close Brothers, Neyber and Wagestream where a wellbeing shortfall has been identified.
The move is part of the provider’s Wellbeing Investment Matching initiative, that sees employers that have identified a wellbeing shortfall and would like to implement a new initiative, given added value services paid for in part or full by Generali.
The initiative with financial wellbeing providers Close Brothers, Neyber and Wagestream, follows Generali’s similar tie-ups with virtual GP and mental health coaching providers.
Close Brothers will offer services focused around life-stage or specific financial planning topics, including: full education programmes from hire to retire that include all 7 areas of financial wellbeing; retirement planning; e-Learning Education Hub, an annual calendar of personalised nudges to drive engagement and support for tactical exercise such as reductions in Annual and Lifetime Allowances.
Neyber will deliver onsite education tailored to need, as well as an online Financial Wellbeing Hub.
Wagestream, the financial education app in conjunction with The Money Advice Service, offers expert tools, tips, articles and advice.
A study by Close Brothershas revealed a disconnect between people’s needs versus employer support. Their UK Financial Wellbeing Index shows employees are “worryingly susceptible to financial shocks and ill-prepared for their financial future”, reporting a poor overall financial wellbeing score of just 53.6 out of 100. Yet 55 per cent of employers don’t offer any support at all to improve employee financial wellbeing. In response to these findings, Close Brothers has developed an innovative app for individuals to test their own financial health and for employers to diagnose, measure and benchmark the financial wellbeing of their workforce.
Meanwhile, research by Neyber has found that 63 per cent of UK employees have been affected by financial worries in the last year, with 35 per cent feeling stressed and 26 per cent losing sleep as a result.
Neyber head of partnerships Brendan Kelley says: “We’re very excited to be part of such an integrated offering, providing much needed support and education to bolster the financial resilience and wellbeing of UK employees. This unique partnership will ensure that employers working with Generali can offer an inclusive financial wellbeing programme which will cover the complete workforce demographic and personalised to meet their specific needs.”
Wagestream CEO and co-founder Peter Briffett says: “By welcoming Wagestream as a Wellbeing Investment Match partner, Generali are helping us to promote the negative impact that the payday poverty cycle and workplace debt are having on employees’ financial wellbeing and business productivity.
Close Brothers head of financial educationJeanette Makings says: “What defines financial wellbeing and what it represents to organisations and their staff has changed rapidly from being relatively one dimensional to something that’s holistic and multi-faceted. The Wellbeing Investment Matching initiative offered by Generali is a fantastic opportunity to help ensure that cost isn’t a barrier in implementing financial education; making it accessible and affordable to everyone.”
General director – UK employee benefits Simon Thomas says: “We’re excited to partner with three heavyweights of the Financial Education world. All have something very different to offer employers, allowing for true tailoring to need.
“Physical, mental and financial health are interlinked and it seems employers are well aware of this, yet all too often the financial aspect takes a back seat to physical and mental health support.
“Our goal with Wellbeing Investment Matching is to help more companies tackle wellbeing issues in a very targeted and effective way. Cost shouldn’t be a barrier but, as our own research3of multinational employers last year revealed, it too often is. We found that while around half have a budget for wellbeing, the other half don’t. Some are thinking along strategic lines, others are just reacting to problems as they arise. A minority simply don’t have the time and resource to do anything.”