Educating your employees about finance
Employee Engagement Employers should be worried about their workers’ financial wellbeing as it has a direct impact on their productivity and peace of mind. A new provider of financial wellbeing shows you how.
Money worries affect everyone across the spectrum, well paid and less so, but what has not been recognised until recently is that the stress and anxiety has a direct bearing on employee performance in the workplace.
According to a report produced by financial wellbeing provider Neyber in May 2017, The DNA of Financial Wellbeing, 58 per cent of employees surveyed said they had been affected by financial worries in the last 12 months, 34 per cent admitted to suffering stress as a result of financial worries, 19 per cent said they had suffered depression resulting from financial worries and 11 per cent of those surveyed felt out of control with their daily finances.
“Depression, stress and anxiety are big problems, especially for people on zero hours contracts or with no sick pay,” says Heidi Allan, Head of Insights and Engagement. “And the impacts in the workforce can be potentially devastating. If you have, for example, drivers in cars, vans or lorries and they haven’t been sleeping due to stress, you could have a terrible accident. A further problem is that sometimes the employer is the last to know as most people don’t like talking about money.” There are also obvious consequences for productivity: an anxious and sleep deprived workforce is not going to be performing at its best.
A way to wellbeing
Neyber offers affordable finance in the form of loans that are deducted straight from an employee’s salary. They will be able to go online and borrow up to £25,000 for a range of different purposes and if they consolidate their credit cards, this means they will be able to move from interest rates of 25 per cent to 4.9%-9.9%. A savings product is in the pipeline.
“We will also be offering a range of additional educational options, including webinars, drop-in clinics and teaching people to take positive steps to turns their finances around,” says Monica.
In just three years the company has signed up 80 clients, 40 of them major names including Anglian Water, London City Airport, 10 NHS Trusts and UK power networks. “We have had proof that employees are already beginning to see the benefits,” says Monica Kalia, Co-Founder and Chief Strategy Officer.
Neyber’s a multi-award- winning financial wellbeing provider that helps UK employees to be better with their money. We partner with employers to support their workforce’s financial wellbeing with access to affordable, salary-deducted loans and financial education insights – all at no cost or risk to the employer. Soon we’ll be introducing a savings proposition where employees can also save directly from their salary.
Our vision is to build a community of employees who can confidently deal with money and have access to fairer finance when they need it.