Employees from the FTSE 50 have access to some of the biggest and best-funded benefits packages in the UK. But despite the millions of pounds spent each year, the majority (95 per cent) still worry about money, according to a recent survey by Octopus MoneyCoach.
A new report, commissioned by Octopus MoneyCoach, unravels the themes behind money worries and reveals new, surprising solutions that have significant impact on financial wellbeing.
While most financial wellbeing programmes have focused on investing in new products for workers, the new research suggests employees need more guidance and education first. The data reveals three key drivers of financial confidence and peace of mind.
Having someone knowledgeable to talk to
Employees who have someone to talk to about money are more likely to feel positively about their financial future. Conversely, employees who do not have someone to talk to are more likely to feel negatively. When individuals do not have someone they can talk to, they are nearly 20 per cent more likely to feel stressed about their personal finances.
Feeling clear about your goals
Employees who feel clear about their personal financial goals are eight times more likely to feel very positive about their future. And employees who are not clear about their goals actually feel worse about their future. Unfortunately, 46 per cent of employees don’t feel very clear about their goals.
Having a plan
There’s also a correlation between having a plan and feeling positive about your personal finances. Employees who do not have a plan are 2.8 times more likely to feel negative about their financial future than their colleagues who do have a plan, while those who do have a plan are 4.8 times more likely to feel very positive.