There’s no denying that times are tough financially for most of us right now, with up to a third of UK adults claiming they had no savings, or less than £1000 in a savings account. This means that one ‘rainy day’ like an unexpected car payment or vet bill could cause financial distress and debts easily.
While it would be ideal to provide every employee with a significant salary increase, realistically this is not doable for most businesses. However there are things that you can do as a company to soften the strain of financial problems, and tools that you can provide staff to boost financial literacy.
A large barrier towards achieving financial stability is a lack of education around savings, debt, loans, investing, and generally managing personal finances. This is why offering up monetary guidance can be a big help for employees. Access to advice from financial experts can help staff to assess their financial situation and make a plan for the future, so finding an employee benefits platform that includes this service is a bonus.
While being able to save money on holidays and luxury goods may be useful to some employees, it is not going to be a priority for others. Savings on everyday expenses such as food shopping, petrol, and health & beauty stores will enable staff to make a difference while still following their everyday routines.
Find an employee benefits platform that includes discounts and savings, and see how employees can reap the rewards and save money every time they spend.
Payday loans and unplanned overdraft payments can cause employees to accumulate debt, and even affect their credit score if they miss payment dates. This is where On Demand Pay can be a lifeline; the tool enables staff to access wages that they have already earned. It is not a loan, but does allow employees to reach money that they otherwise would have to wait until payday for. During a difficult month, this may be a support for employees. What’s more, it empowers your staff to have more control over their finances, without any extra admin for you.
Learn more about the financial benefits that you can offer your employees through My Staff Shop, with a free demo from our experts.
