Three months on from the ‘Brexit Earthquake’, it feels like the initial shock, questioning and soul-searching is now being replaced by a period of planning, says guest blogger and Co-Founder & Director of Nudge, Jeremy Beament.
The truth is, no one yet knows what ‘Brexit’ actually means. Will the UK opt for the “Norwegian Model” whereby we retain access to the European Common Market in return for free movement of people – ‘Brexit-Lite’? Or will we abandon the Common Market, free movement of people and look to the Commonwealth, the US, India and China to plug the trade gap – Big-Brexit?
No one will know for at least 12 more months, and more likely two years.
With almost 100,000 employees from Caithness to Cornwall and Kerry to Kent now relying on Nudge to help them better understand and manage their money - by tracking their interests, searches and engagement - we have a unique microcosm and barometer of the wider nation.
So, while the economists, politicians and media are obsessing over gilt yields and quantitative easing, the questions and concerns of the public are a bit more immediate:
- Do I need to take euros with me on holiday?
- Do I still need my EHIC card?
- Shall I fix my mortgage?
Our Nudge community tells us they want clear, simple and independent guidance, not a speculative doom-laden sales pitch.
There will be significant change over the next few months and years which will undoubtedly impact your people’s finances, providing an increased need for Financial Education.
Here are some examples of how changes will impact your people:
- Changing interest rates will impact saving and borrowing.
- We will likely see a new norm in currency exchange rates which will affect the cost of many goods and services including food and holidays.
- Contract alterations will change everyday services such as mobile phones (roaming) and travel insurance.
- Legislative evolution will impact your people both personally and professionally.
- A new pattern for global mobility changing the working dynamic of ex-pats (from whom we have always seen heightened engagement with Nudge.)
The next big set-piece for Nudge and our community will be the Autumn Statement. The Chancellor Philip Hammond has stated that there will be a “reset” on policy, likely ranging from housing to banking and social security to pensions. Every Nudge user will receive a personalised ‘nudge’, letting them know how they are affected and what to do next, allowing them to plan appropriately for the year ahead, with what matters to them.
It is clear that the barrage of upcoming change will greatly impact the lives of your people. Undoubtedly, supporting their financial wellbeing through personalised, independent education will create opportunities for you to build engagement, improve wellbeing and do the right thing for your people.
Jeremy is Co-Founder and Director of Nudge Global.
Nudge are a specialist provider of Financial Education, and thrive on the belief that the future of Compensation and Benefits is promoting reward and benefits in the context of an employee's life journey; Financial Education provides the glue to do this.
Find out more at www.nudge-global.com