For many of us, our journey into financial education starts when we leave home.
It often feels like we’ve been thrown in the deep end – with a salary to manage, tax to understand and rent to pay – because we did not learn these vital lessons at school.
Claro Wellbeing research shows that around 15% of UK adults do not have the skills or confidence to effectively manage their money day to day, or to save, invest and deal with debt. This rises to 35% of those aged 16 to 24.
Poor financial literacy not only has an impact on our overall wellbeing but can also make money management and planning for the future challenging.
We’re all trying to work through the cost of living crisis and manage rising interest rates, but financial education goes beyond the current economic challenges. People will always worry about money if they do not know the best ways to manage it.
It’s never too late to learn and workplace financial education could help staff improve their financial literacy, prevent money-related stress and improve productivity. A good programme will also support them through their life-stages be it buying a first home, starting a family or preparing for retirement.
Click here for four ways a good financial wellbeing programme could boost your staff’s financial wellbeing and support them beyond the cost of living crisis.