Conversations about finances between employers and employees can be awkward. There are often subtle moments where the more senior person’s position of authority is prominent. Staff can feel reluctant to open up about personal issues as a result, as they can potentially feel vulnerable and judged in these situations.
Lots of people find money uncomfortable to talk about. This can trace back as far as childhood, depending on how finances were discussed in the home. Our report on financial literacy shows that almost two-thirds (60%) of people aged 18 to 24 have vivid memories of frequent financial tensions at home.
When you broach the subject of finances with your team, the way in which you communicate is vital. Differing levels of income among staff will always be present, so be sure to cater to all when you speak. How you handle the matter from start to finish can make or break the success of your financial wellbeing strategy, so tread softly.
We’ve put together our top tips for talking to your staff about their finances – click here to find out more