Download our reportwhich looks at findings and insights from our Financial Wellbeing Index, to which more than 140 organisations contributed.
Employee wellbeing is a key focus for most organisations. However, despite evidence of the interconnections between financial wellbeing and mental, physical and social wellbeing, many organisations are only now really focusing on developing better defined financial wellbeing programmes for their employees.
That's partly why we created the Mercer Financial Wellbeing Index— to help organisations find a better way to understand where they are and where to best focus their energy and resources to effectively develop their own programmes.
And now, with the unfolding Cost of Living crisis, and significant parts of all organisations’ workforces already being impacted, the time for a renewed focus on better supporting employee’s financial wellbeing can never have been greater.
The Financial Wellbeing Index has provided us with unparalleled information about the current state of financial wellbeing initiatives in UK organisations and has enabled us to offer insights into what actions can lead to real improvements for employees.
Below are some of the key findings, and you can download the full report here.
More organisations have a financial wellbeing strategy than ever before - and having a strategy matters
A wide gap exists between those who have started to develop more effective financial wellbeing programmes based on a clear strategy and those who have not acted strategically, with programmes that still have room for improvement, and overall, they have programmes that scored 30% higher than those without a strategy.
Retirement is still the focus
Across the board, the scores for “On track for the future”, were higher than scores for supporting employees with shorter-term financial needs. “Control over the day to day”, “Prepared for the unexpected” and “Freedom to make choices in life” lag behind the “On track” ratings due to the established and more developed focus on retirement savings.
Listening is important — but organisations are not doing it enough
When it comes to financial wellbeing, nearly two thirds of organisations do not even know how their employees are managing financially. In addition, 86% have not collected any data on the financial wellbeing needs of their employees.
Actions speak louder than words for all
Cohesive commitment, strategy and action are essential to building a financial wellbeing programme that truly makes a difference in your employees’ lives. All organisations already have many of the potential ingredients to build a highly rated financial wellbeing programme. So building a more cohesive and comprehensive programme is possible, and having a functional and clearly articulated strategy demonstrably increases the likelihood of success — and ultimately supports employees more effectively.
Take the Index now to see how your organisation compares
Mercer’s free, corporate financial wellbeing assessment tool, the Financial Wellbeing Index is aimed at HR, reward, and benefits professionals to help provide them with insights to help them support the Financial Wellbeing of their people.
The online tool is free to use, and will provide a digital assessment which includes a Financial Wellbeing Score for your organisation, and incorporates some of our best thinking to help you identify ways to improve the Financial Wellbeing of your workforce.
Additionally, we can also offer a follow up call to discuss your report with you, and share further insights to help you navigate the next steps and options for your organisation.
The assessment will take no more than 15 minutes to complete online and you will instantly receive access to your digital report.