Each year, poor financial wellbeing costs UK employers billions of pounds in lost productivity. Nine in 10 workers say personal finance worries impact their work performance* resulting in almost five days (4.9) a year being lost per employee. And the cost of living crisis isn’t helping.
To help employees cope with their finances, Claro Money, the financial wellbeing provider, has developed sixteen financial coaching packages that can be delivered to staff one-on-one and in webinars, to help whole teams gain confidence in their finances.
The courses cover some of the most important financial wellbeing topics, including
- Boosting your financial confidence and wellbeing
- Managing money and relationships
- Strengthening your family finances
- Levelling up your investing
- Mastering your budget
- Investing in property
- Planning for your retirement
- Buying your first home
- Achieving your lifestyle goals.
Coaching sessions are offered to each employee via a package of three one-on-one coaching calls that can be arranged at a time and frequency to suit each individual.
Claro’s webinars are tailored to the needs of employees using a pre-webinar survey and are followed by a post-session questionnaire to help businesses measure their effectiveness on staff wellbeing. Each presentation is interactive, accessible and actionable and includes the opportunity for questions and answers.
Staff can also be given access to on-demand learning and development courses on essential personal finance topics where they can improve their money management skills independently.
“Studies show better employee financial wellbeing means improved mental health, productivity, and levels of happiness.
“This applies across the board, from recent graduates to senior executives, each individual employee has something to gain from our expert financial coaches.
“It’s also a win for businesses looking to support their staff as well as improve retention and attract top talent. Replacing staff can cost as much as £23,000, based on the average salary, and workers tell us that a financial wellbeing package is the top employee benefit companies can offer.
“We have already helped thousands on their financial journey, and we are now taking everything we’ve learnt to apply it to companies and their workforces.
“Our mission is to address the growing advice gap and help everyone develop a smart money mindset. We would love to speak to progressive employers to find out what we can do for them and their employees to improve their financial and overall wellbeing.”
Stacey Lowman, Head of Employee Wellbeing, Claro Money
*Claro Financial Wellbeing Report 2022