For decades, when businesses thought about employee benefits and perks, they would invest in generic options like fruit bowls, gym memberships and healthcare. Finally, however, we are seeing financial wellbeing take centre stage.
The fiscal conditions of the last few years have caused unprecedented disruption to the financial security of Britain’s workers, bearing long-term consequences for the finances of many UK employees.
Employees are facing the greatest decline in living standards in over 50 years: the cost-of-living crisis. Between double digit inflation figures (10.1% in September) and skyrocketing energy bills, many people’s financial security is under real threat. According to Mintago’s most recent research, employees in the UK have voiced concerns about their financial woes to their managers significantly more than usual this year.
In today’s world, it is commonplace for employees to regularly change jobs. Indeed, the average UK employee changes jobs 12 times throughout their career. And with people changing jobs so regularly and the advent of autoenrollment, employees often accumulate and lose track of multiple pension pots, which could threaten many people’s long-term financial wellness.
