Another tool to help LifeSight member’s financial wellbeing
With 3 out of 5* employees saying financial apps and tools should be a core part of their employer’s benefit, we are pleased to launch the Financial Education Site, available to all LifeSight members. This site aims to help our LifeSight members better manage their current challenges while simultaneously preparing for the future.
The benefits to our clients of supporting employees with financial stress are significant. WTW’s Global Benefits Attitude Survey shows that for members living paycheck to paycheck:
- 2/3rds have higher levels of anxiety or depression, compared to 1/3rd normally.
- 2/3rds are more likely to feel burned out compared, compared to 1/3rd normally.
- 2/3rds are more likely to move to a new job, compared to 1/3rd normally.
- 22% felt lonely most of the time in the last month, compared to 13% normally.
- 6 days are lost due to absence annually, compared to 4 days normally.
Therefore, organisations have every reason to want their employees to be financially secure. An effectively designed employee financial wellness programme can help employers improve motivation, productivity and employee retention, as well as benefit other wellbeing initiatives.
At WTW we recognise that employee’s financial concerns, and financial insecurity have an impact on the wellbeing of your employees and have developed our Financial Education Site to address these.
The aim of Financial Education Site is to:
• Provide a better understanding of financial needs and objectives.
• Highlight areas that can cause financial stress and give guidance on how
to navigate these areas.
• Educate in the management of finances effectively and in a stress-free
way.
This site, in addition to our market leading Ageometer tool (a tool that advises the age a member can afford to retire), really engages with LifeSight members to take control of their financial wellbeing.
(*Source: WTW’s 2022 Global Benefits Attitude Survey)
