Financial habits of workers

Important information: This information is for scheme sponsors’, trustees’, their advisers’, and consultants’ use only and should not be relied upon by individual investors.

Offering benefits and help that bolsters the financial wellness of your workforce may boost benefits usage and may also help reduce restlessness at work and employee turnover. Aligning on your definition of financial wellness and understanding the areas that are most important to your employees may also help to provide effective benefits in the areas in which they are most needed.

Employees globally are more satisfied with their job when an employer assumes more responsibility in supporting their financial wellness.

^{Question: In general, how would you rate the financial wellness of your workforce?
Question: On average, how satisfied are employees working at your firm?
Question: To what degree does your company feel responsible for taking steps to support employees’ financial wellness?
Source: The Fidelity Global Employer Survey 2023}

With many employees expressing the need for help in all domains of financial wellness, employers should be strategic in how they help. 

Budgeting

Nearly a third of UK workers state their most pressing financial need is budgeting (day-to-day income and expenditures).

^{Question: Which ONE of your financial needs is currently the most pressing?
Source: The Fidelity Global Sentiment Survey, 2023}

Debt

14% of UK workers state their most pressing financial need is debt management.

^{Question: Which ONE of your financial needs is currently the most pressing?
Source: The Fidelity Global Sentiment Survey, 2023}

Savings 

Nearly a third of UK workers state their most pressing financial need is to increase their savings and amount to invest.

^{Question: Which ONE of your financial needs is currently the most pressing?
Source: The Fidelity Global Sentiment Survey, 2023}

Protection

Only 6% of workers in the UK say their most pressing financial need is to be prepared for the unexpected.

^{Question: Which ONE of your financial needs is currently the most pressing?
Source: The Fidelity Global Sentiment Survey, 2023}

Questions for employers to consider to boost financial wellness for the workforce
 

1. How does your definition of financial wellness align with your employees? Does it consider overlooked populations of the workforce that may need more targeted support? 
2. How do your benefit offerings align with your definition of financial wellness? Do your offerings resonate with workers in the areas in which they need most help?

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