TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters ANZ
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Write For Us

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
Money matters: Solving the puzzle of financial well-being with Jeremy Beament

Story • 15th Nov 2021 • 4 Min Read

Money matters: Solving the puzzle of financial well-being with Jeremy Beament

Employee EngagementCorporate Wellness Programs#WellbeingByDesign

Author: Drishti Pant Drishti Pant
7.9K Reads
Many employers aren’t even aware of the basics, like how many people their employees are supporting on their salary. Jeremy Beament - Co-Founder & Director - nudge Global shares how employers can enhance their employees’ financial well-being.

READ the November 2021 issue of our magazine: Well-Being By Design

Financial well-being has been one of the relatively less acknowledged aspects of well-being. But employers are realising that financial stress and anxiety spill into work performance and productivity. In a recent interaction with us, Jeremy Beament - Co-Founder & Director - nudge Global said, “Over the last 18 months, we’ve experienced first-hand how black-swan events, geo-political and macroeconomic shifts can leave us financially vulnerable. Since money touches every part of our lives, money worries wreak havoc on people’s mental well-being. That, in turn, has a negative impact on people’s engagement and experience at work.”

This realisation has driven the most pronounced change in the employee benefits market over the past decade and has shifted the emphasis from employee choice to employee well-being. “Put simply, if a benefits package doesn’t help an employee bring their best self to work, it’s not doing its job properly,” said Jeremy. Accelerated by COVID-19 outbreak, a comprehensive well-being offer is now a must-have for any leading organisation, with financial well-being a key ingredient to a successful strategy.

Most common financial well-being challenges 

Research by Nudge shows: Globally, ​​46% of people feel anxious about their money, with women (50%) bearing the brunt of the worries, in comparison to men (42%). 53% of people feel that access to wealth is often unfair. Once again, it’s women (55%) who experience this more than men (51%), and generally, the younger generations are more subject to this inequality. 

It’s clear that some communities are being left behind by the financial ecosystem, and it’s up to organisations across the globe to break the cycle of exclusion by enabling equal access to financial education.

Jeremy shared, “We have uncovered that a significant amount of people live financially from month to month, pay-check to pay-check, with little retirement plans, and this cycle is wearing on them, particularly those struggling with debt.”

This is seen by 55% of the world saying their number one financial aspiration is just having enough money to pay their bills. This makes achieving other milestones in life more difficult, like buying a home, seeing the world and life after work. Jeremy believes, perhaps this is why 35% of people, globally, feel depressed about their current financial situation.

Women, middle-aged generations & some ethnic groups: More excluded from the financial ecosystem

Some of us experience bigger hurdles than others when it comes to financial well-being. Within each country Nudge surveyed, it’s women, middle-aged generations, and some ethnic groups who are more excluded from the financial ecosystem. 

Countries like Chile (73% said they felt excluded by the financial system), India (67%), Brazil (66%), Nigeria (64%), South Africa (63%) and Argentina (63%) are where experiences of exclusion are greater, and more so for women and people aged 34-54 years old. 

There are also specific communities within countries that are more likely to have felt excluded by the financial system. For example, in the United States, Asian Americans (51%), Native Americans (50%) and African Americans (46%) have felt more excluded than white respondents.

Employers role in enhancing employees’ financial well-being

To help bring more equity and financial well-being to the world, some businesses are levelling the playing field with employee benefits and support. 

Unfortunately, globally, employer support is in the minority with only 41% of people saying their employer offers personal finance education. But some countries are more advanced in this area than others. India (75%), China (74%), Nigeria (59%) have the strongest belief that their employers care about their financial goals. 

“It’s also clear that poor financial well-being is a global problem, needing a global solution,” added Jeremy. 

He shared that currently, organisations are mostly providing a piecemeal, inconsistent experience for their people. Then what does an effective financial well-being strategy look like?

Jeremy suggested, “A leading program should be personalised to the individual need, versatile to a country or region-specific nuances, and with a holistic range of topics that an individual will need to understand to make the very most of their financial situation.”

Employers should be empowering their employees to make the most of their money through robust financial education that considers local nuances and cultural differences. “Financial education platforms that are regulated, transparent, unbiased and underpinned by expertise can be trusted,” he added. 

You must know the financial aspirations of your people 

All over the world, financial exclusion remains a curse for many, particularly women and some ethnic groups. “For organisations that are serious about the diversity and inclusion agenda, financial well-being offers an excellent channel for organisations to celebrate differences and transform everyone’s future financial prospects,” said Jeremy. 

In order for this to happen, it’s essential that businesses understand the differing needs and attitudes of their people. 

But Jeremy shares that many employers aren’t even aware of the basics, like how many people their employees are supporting on their salary. 

Globally, 75% of employees are supporting others on their salary, yet 35% of employers are unaware of who their people are supporting. This does vary by country, with some much stronger than others. For example, Indian employers (78%) are very likely to know their people’s family financial circumstances. But overall, employers across the world aren’t taking external factors into consideration when developing their global wellbeing strategies. 

Employers also need to gain insight into differing priorities around the world. Every employee has unique personal financial goals. 

Globally, many say homeownership (50%), retirement (49%), and supporting their children’s futures (43%) are their personal financial goals. 

By region, in EMEA, the biggest aspiration is owning a home (59%), as well as in APAC (52%) and LATAM (60%), whereas in North America it’s having enough money to pay the bills (58%) followed by saving for retirement (52%). 

“There is a need for wider financial education powered by inclusive technology that shares targeted, unbiased information through cues informed by behavioral psychology,” concluded Jeremy. With specific programs designed for geographic locations, women, and diverse communities, businesses can create financially inclusive environments that break down barriers and increase the likelihood of positive financial outcomes.

Read More

Did you find this article helpful?


You Might Also Like

Creating a culture of workplace civility

STORY • 23rd Apr 2025 • 4 Min Read

Creating a culture of workplace civility

Employee Engagement#MentalHealth
Handling bereavement: HR’s role in the human duty

STORY • 2nd Apr 2025 • 3 Min Read

Handling bereavement: HR’s role in the human duty

Employee Engagement
Gen Z and Total Rewards: Preparing for the Future

STORY • 21st Mar 2025 • 6 Min Read

Gen Z and Total Rewards: Preparing for the Future

Employee RelationsEmployee EngagementTalent Management#RedefiningRewards#Future of Work#AdaptableHR
NEXT STORY: High digital expectations, less flexible work: Forrester's predictions for what APAC might look like in 2022

Trending Stories

  • design-thinking-hr

    Skype is dead: Did Microsoft's leadership let a billion-doll...

  • design-thinking-hr

    Keeping the C-suite in the C-suite - how do we reduce execut...

  • design-thinking-hr

    Return to office: the legalities

  • design-thinking-hr

    The trust factor: Why modern leaders can’t afford to overl...

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Write For Us

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

or

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.