The concept of ‘financial wellbeing’ has received a great deal of publicity in the past couple of years – and many employers are now starting to develop strategies to support staff in this area. However, our research shows that the strategies they are implementing are not meeting the needs of all employees – particularly millennials. Financial support in the workplace continues to focus on providing pensions and pension guidance, but this is not a priority for 18- to 35-year-olds.
This research paper looks at the financial concerns of employees and how HR and benefits professionals can increase employee engagement when it comes to workplace savings. Smarterly interviewed 1,248 employees and 508 HR professionals to find out financial priorities of both cohorts, how employers are supporting the workforce and what employees feel about receiving financial support from their employers.