Helping your employees to create a legacy and achieve financial wellness
Robyn Laubscher, Advice and Product Specialist, PSG Wealth
There is a saying that “the cobbler’s children have no shoes”, which refers to a tale about a shoemaker who is so busy making shoes for his customers that he doesn’t attend to the needs of his own children. Unfortunately, it seems as though many people lose sight of those close to them, and don’t give sufficient attention to how they can guide and assist them to make a positive impact on their lives.
As we inch closer to the end of the year, I would like to challenge employers to give careful consideration to whether their employees are fully capitalising on the services available to them to realise their financial goals – and whether you, as an employer, are doing everything in your power to assist them on this journey.
According to the 2022 PwC Employee Financial Wellness Survey, there are three areas where employees’ financial wellness can affect an organisation’s bottom line:
Retention: Financially stressed employees are more likely to be looking for a new job.
Mental health: Financially stressed employees are three times as likely to experience a big negative impact from money worries.
Productivity: Financial stress has multiple ripple effects.
For employers, it is therefore very important to take the time to ensure that staff understand their current financial situation, and assist them with accessing holistic and detailed financial planning where required.
This, of course, entails making sure that the necessary tools and resources are available to help them set financial goals and create a plan to achieve those goals. This could be as simple as making sure that your employees have access to advice about which debt to service first or ensuring that employees have gap cover.
You can also assist by making employees aware of the tools and benefits that your company makes available, encouraging them to make good use of these to help achieve their financial objectives.
If you, in turn, are aware of your employees’ financial goals and challenges, it makes it easier to assist them in staying the course and creating a meaningful legacy for themselves and their families.
Download the 2022 PwC Employee Financial Wellness Survey:
ENDS
