Financial Wellbeing
According to the World Bank, one in three UK adults is financially illiterate, leaving many unable to make informed decisions - and the cost of living crisis is making things worse.
Employees are now looking to their employers for support, with financial wellbeing ranking as their top workplace priority.
For businesses, this isn’t just a people issue - it’s a strategic risk. The World Economic Forum ranks high living costs as the most severe threat to business in the next two years. Stressed, financially insecure employees are less engaged, less productive, and more likely to be absent.
Though inflation may ease, prices remain high and interest rates will keep pressure on household budgets. Financial wellbeing is no longer optional - it’s a business imperative.
We can help you build the financial resilience your people need to thrive.
What is Financial Wellbeing?
Financial wellbeing is about feeling confident, secure, and in control of your money - both today and in the future. It works hand in hand with physical, mental, and social wellbeing to shape a person’s overall sense of wellbeing.
At Avidian, we assess financial wellbeing through four key pillars, each designed to guide people towards greater financial confidence and security.
Control over the day to day
Spending less than you earn; manageable levels of debt and expenditure under control.
Freedom to make choices
Able to enjoy money without worry; access to tools and advice to improve financial situation.
Prepared for the unexpected
The ability to handle short-term financial setbacks without major disruption.
On track for the future
Having a clear financial plan, and direction for the future. Able to work towards achieving future goals with confidence.
Even before the cost of living crisis, many employers knew that money worries hurt performance and productivity - but few acted. Financial wellbeing was often treated as less important than physical, mental, or social wellbeing.
Now, rising living costs and skills shortages have changed the picture. Employees want more financial support, and to attract and keep the best talent, employers are under pressure to increase pay.
Multiple studies have found that:
Money is the top concern for employees of all ages.
Covering monthly expenses is the single biggest source of stress.
Two in five employees are thinking about leaving their job, with pay as the main reason.
Financial wellbeing is now a core business issue. But many organisations can’t continue to offer inflation busting pay rises, and higher pay alone doesn’t solve deeper financial problems.
That’s why employers should highlight the benefits they already offer and help employees use them fully. People are looking for support to tackle short-term money worries and build long-term financial resilience.
Get in touch.
We help forward-thinking employers take the stress out of retirement planning and give their people the confidence to make better financial decisions every day.
Fill out the form below and let’s discuss how we can help you unlock smarter pensions and better financial wellbeing for your people.