Ryan Oates
Posted By Ryan Oates
17/08/2022

1. As an employer, it can be difficult to spot signs that your staff may be struggling financially – which can have a big impact on their mental and physical health - often they may be reluctant to discuss any issues relating to their finances.  

Therefore, it’s important that staff have easy access to further support.  Most employers now offer an Employee Assistance Programme (EAP).  You may have a standalone EAP with Health Assured or Life Works – or access to one if you also provide other Employee Benefits to staff (Group Life, Group Income, Health Cash Plan etc.). 

EAPs can provide dedicated support channels for staff which are completely confidential.  

Information on how to access these services should be readily available on your intranet, from HR, on poster boards and line managers should be able to signpost staff there. 

 

2. Many members of staff may be entitled to further support from the government, without knowing, meaning families may be going through unnecessary hardship, when financial support could be available.  

We encourage employers to direct staff to https://www.entitledto.co.uk/ which will help to identify whether any further financial support is available to them and their family. 

 

3. Budgeting is an important aspect in being able to manage your finances. For some people this is very daunting and they would prefer to avoid doing it. However, it’s incredibly difficult to make good financial decisions without knowing what money comes in, and what money is going out. 

Moneyhelper.org has a really useful budgeting tool which can help staff to identify where possible savings could be made in their everyday finances. Making staff aware of this - and encouraging them to use it - will help them to have a better relationship with their money. There is even a ‘Couch to Financial Fitness’ tool! 

If staff are struggling to keep up with bills and debt payments, they’re not alone. Support is available to help hundreds of thousands of people with similar worries every year. There are lots of things staff can do to resolve their difficulties, including getting free debt advice. Staff who are facing severe debt difficulties should seek free debt advice: https://www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt/debt-advice-locator  

We regularly support our clients with ‘Financial Wellbeing’ workshops, which can be run via Teams or onsite.  Further information is available here.  

TO BOOK A WORKSHOP FOR YOUR STAFF, GET IN TOUCH.

 

SG Wealth Management is authorised and regulated by the Financial Conduct Authority.  
SG Wealth Management has limited consumer credit permissions. This permission is limited to debt counselling with no debt management activity. This means we can only provide you with information regarding managing debt and we are not able to provide you with any debt advice. Should you require immediate help with your debts, please contact National Debt line’.  
The contents of this presentation are a brief summary of possible debt management solutions.  It does not constitute financial advice. 
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