For employers, supporting financial planning in the workplace is a powerful way to create a more engaged, productive, and resilient workforce. By empowering employees to take control of their finances, you’re not just helping them individually – you’re strengthening your organisation as a whole.
Financial planning is a critical building block of financial wellbeing. The most effective way to achieve financial wellbeing is to execute on a solid financial plan, making sure you make decisions that make your money go further for you. In fact, research shows that 96% of individuals with a written financial plan feel more confident about reaching their financial goals, and 76% report being more in control of their finances.
By introducing a financial wellbeing solution that includes money management tools, such as a financial planning tool, and access to financial experts, such as a financial coach, you could be supporting your employees in the following ways:
What's in this blog?
3 reasons financial planning matters to employees
Reducing financial stress
- As high as 63% of HR professionals report that financial stress negatively impacts employee performance.
- By deploying financial wellbeing solutions that help your employees develop an achievable financial plan, you make it easier for them to manage their money effectively and feel more in control of their finances.
- An employee who can come to work less stressed about their financial outcome, will ultimately be more productive in their role.
Building long-term financial security
- A recent study showed that only 17% of people in the UK have a plan to achieve their long-term money goals.
- This low number is due to varying reasons – the top culprits being a lack of basic financial understanding and the cost of acquiring private financial advice.
- Financial planning helps employees set goals, save for the future, and prepare for life’s unexpected challenges. More than that, a financial plan will also ensure your employees are more prepared for retirement when the time comes. At Maji we pride ourselves on making financial planning services affordable and accessible to all.
Boosts overall wellbeing
- There is no doubt financial wellbeing and mental health are connected. In the UK, the Money and Mental Health Policy Institute reports that nearly half (46%) of individuals in problem debt also experience mental health issues.
- When employers provide access to financial planning tools and education, it empowers employees to take control of their financial journey. This empowerment reduces anxiety about money and improves mental health, enabling employees to focus more on their personal and professional lives.
- By supporting your employees in building financial confidence, you’re fostering a more engaged, resilient workforce – one that can thrive both inside and outside the workplace.
How employers can help
A financial wellbeing solution is the ideal starting point when considering how to support your employees financially. However, not all financial wellbeing platforms are made equal. When choosing the best solution for your business and employees, here are 4 key areas that we see as non-negotiables:
1. Access to financial education
Unbiased and accessible financial education and resources reduce uncertainties and improve overall financial literacy. Valuable financial education includes self-service learning journeys coupled with quizzes and self-assessments, monthly masterclasses and on-demand learning resources.
Pull-out: With Maji, your employees get access to a robust learning academy that can be accessed to enhance each stage of their financial journey.
2. Smart money management tools
A financial wellbeing solution isn’t just about helping employees make ends meet – it’s about providing tools that help employees track their spending, set financial goals, connect their accounts into one platform, and project their retirement outcomes.
Pull-out: Maji’s tech platform is a complete solution including a budgeting planner to track and manage daily expenses, a financial planner to manage short- and long-term goals, as well as banking and investment account integrations for a complete financial view.
3. End-to-end lifestyle support
Your diverse employee profile calls for a diverse solution. A financial wellbeing platform’s value really shines when it can be personalised and bring value to each employee, no matter what their current challenges and goals might be.
Pull-out: Maji’s platform supports employees throughout their career and life – from student loans and homeownership to parenthood, retirement planning, and estate management. Every employee matters and can be supported!
4. Access to financial experts
Your employees need access to expert, tailored support for diverse financial challenges. This includes unlimited sessions with certified financial coaches on budgeting, debt management, investment basics, and financial goal-setting unique to each employee’s unique needs.
Pull-out: As part of Maji’s commitment to building a secure financial future for everyone – our financial coaching service gives employees access to unlimited sessions with a certified coach, ensuring their roadmap to financial freedom is guided and supported throughout.
Build a resilient workforce with financial planning support
For employees, financial planning isn’t a one-time task; it’s an ongoing journey that requires consistent commitment. Without the right support and guidance, many adults struggle to stay on track or abandon it altogether.
Now is the time for employers to take action. Equip your employees with the support they need to reduce financial stress, secure their future, and thrive both personally and professionally.
Ready to empower your employees and strengthen your organisation?
Discover how Maji’s comprehensive financial wellbeing solution can transform your workplace. Contact us today to learn more or book a demo!
