Employee experience company Benefex joins top UK employers in movement to improve employees’ financial health.

London, 2nd March 2021: Benefex have been announced as a founding Business Champion for National Wellness Conversation, a new national movement launched this week calling upon the UK’s largest employers to take a more proactive role in improving the financial health of their people.

This National Wellness Conversation (NWC) shines a light on the aspirations of people across the UK – regardless of their age, job role or salary – and how employers are uniquely positioned to promote good money management.

Insight from the Money and Pensions Service has revealed more than 20 million people in the UK cannot manage their money, 11.5 million have less than £100 in savings and nine million are in serious debt.

By signing up to the NWC, employers across the public and private sector signal their intention to adopt financial health strategies to benefit their workforce. Benefex joined the conversation early as one of the NWC’s Business Champions – businesses leading the way for financial wellbeing.

Gethin Nadin, Director of Employee Wellbeing at Benefex, commented: “The Covid-19 pandemic has shown us just how fragile the nation’s finances are. Worrying about money was the largest wellbeing concern of the last year, and we now have strong evidence that employees and consumers alike are seeking out those organisations that support the financial wellbeing of their people.

“For the last ten years Benefex have been advising employers on their financial wellbeing strategies, and I have seen some amazing work done by dedicated HR, reward and benefit teams. The National Wellness Conversation showcases the fantastic work these progressive employers have been doing and I’m so proud that Benefex is a part of the conversation.”

The NWC was founded by Stephen Holliday, CEO of the fintech scale-up Level Financial Technology, which provides a range of services including budgeting tools powered by Open Banking, salary-linked savings, early wage access and financial education and advice from the Money & Pensions Service.

He said: “True financial freedom can only be achieved by promoting positive behavioural change – something that is as applicable to someone saving for their first house as it is to someone looking to take control of their pension.

“We have seen the benefits of physical and mental health strategies in the workplace, but employers are now uniquely positioned to empower their staff to take control of their finances as well. We are calling upon employers to join the National Wellness Conversation and show their commitment to financial health.”

Money worries are the biggest source of stress for UK employees, leading to a drop in productivity and billions of pounds lost to the UK economy. Absenteeism and workplace illness caused by financial stress is believed to cost businesses approximately 4% of payroll costs each year.

 


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