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What is Talk Money Week and how can you support it?

Is your workplace one that encourages employees to talk about money? 64% of people would not tell their employer if they were struggling financially, according to our latest research.

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Breaking down the barriers people feel when it comes to having conversations about money is the purpose of Talk Money Week  (organised by moneyhelper.org.uk). Even with the cost of living crisis being such a hot topic in the news, some people are still finding it very difficult to open up about their finances. 

 

If you’re somebody responsible for the wellbeing of employees this week is an opportunity to encourage people to talk about any aspect of money.

 

So, how can you foster a workplace environment where people can talk openly about difficult financial situations? Here's some tips:

 

  • Use Talk Money Week to help you make your employees more aware of financial wellbeing. There is often a disconnect between what employers say they’re doing and what employees are aware of. Try to make the topic a part of your wellbeing strategy, involving your colleagues, leadership, finance and HR departments.

 

  • An anonymous staff survey is a good way to help you gain an understanding of the level of money worries felt by your colleagues. You can also take the chance to ask what support they’d find helpful.

 

  • Promote any financial support your organisation offers at key life stages such as retirement and parental leave. 

 

  • Run a campaign to promote any financial wellbeing support your organisation provides. Things like health cash plans, employee assistance programmes (EAP), workplace pensions, or childcare vouchers, etc. Think about the best channels to communicate with your colleagues.  Also, think of ways to piggyback messages onto current news events - so you're talking about money whilst people have it on their minds.

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  • Organise a financial wellbeing fair to showcase what is available. Invite providers who deliver workplace-based support such as financial education or advice to promote their services to your people. 

 

  • Launch new employee financial wellbeing support services, such as a payroll saving scheme, partnership with a credit union, payroll-deducted interest-free loans, or hardship support.

 

With a Health Shield Health Cash Plan employees are supported with money back on everyday healthcare costs. And not only that, but we’re also able to offer an EAP service with a fantastic finance team through our partner Health Assured. So, your employees can access expert financial wellbeing support with a 24/7 helpline whenever they need it.

 

Supporting employees with money worries

This is a financial promotion.

Health Shield Friendly Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

 

This is a financial promotion.

Health Shield Friendly Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.