It’s no secret that when people have control over their money, they’re more likely to feel more secure, and experience holistic wellbeing, especially if they have dependents.
Our global financial wellbeing report found that 55% of people in the world have the most basic money aspirations – they aspire simply to have enough to pay their bills. This number underpins the widespread lack of control that many feel in relation to money. In fact, 44% of people globally, feel anxious about their financial situation.
In order to achieve financial wellbeing for all, we must consider those in caregiving roles. Caring will touch each and every one of us in our lifetime, whether we become a carer or need care ourselves. Whilst caring can be a rewarding experience, it can also have a huge impact on a person’s health, finances, and relationships.
Many unpaid carers may not think of themselves as having caring responsibilities and are unlikely to know what support is on offer. So, what are the benefits and support available?
Financial education
When financial education is at the heart of a financial health program, organizations can ensure employees in care roles have the tools and information they need to make the most of their extra responsibilities.
Employees want to feel like they have the power and the knowledge to take control of their finances in times of need. Employers are in a unique position to provide the kind of financial education that can change their employees and loved ones’ lives.
Why is financial education strategy important for families?
Impartial financial education can empower employees to make sound decisions with money and contribute to their holistic health – which in turn has positive outcomes for their whole family. Financial education is a benefit that is relevant to people at all income levels, and whether they have caring responsibilities or not.
Once you launch a financial education strategy, employers can view engagement data to understand the true wants, needs, and interests of their people – and react. With this type of insight employers can respond accordingly, making data-driven decisions to include new and relevant information on topics such as carer benefits, or financial education for mums, grandparents or children.
Financial education as the foundation to build a brighter future
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A financial wellness program that the employee and their circumstances is the future of employee benefits, particularly for employees whose work doesn’t stop when they leave the office, they’ll feel much more included and connected to their employers.
Want to know more about how to make the biggest possible impact in your employees’ lives? Read our 2023 global financial wellbeing research.