Report highlights disparities in employee financial wellbeing

A report from financial wellbeing platform Nudge Global exposes the urgent need for UK employers to better support their employees in building financial acumen to improve employee mental wellbeing, drive financial inclusion, and support social mobility.

The research finds that only 9% of UK employees learnt how to manage their money whilst at school, so many are ill-prepared to make financial decisions or deal confidently with financial shocks. This is far more apparent in the wake of the COVID-19 crisis, with research showing 37% of British employees feel anxious about their finances.

Other research highlights include:

• Disparities in support: Less than a third of employees (32%) are offered personal finance education as an employee benefit. High earners are 51% more likely to receive finance education from their employer than low earners
• High levels of exclusion: A significant number of employees (40%) have felt excluded by the financial industry, with this figure even higher in certain groups. Almost half (46%) of women have felt excluded compared to 34% of men.
• An opportunity for employers: Improving employees’ financial wellbeing is likely to impact positively on their mental state, with 39% attaching their self-worth and contentment to what’s in their bank account