As the Chancellor announced an increase in National Insurance (NI) rates from 13.8% to 15% on 30 October 2024, many employers are facing higher costs on the horizon. But there’s a silver lining: salary sacrifice schemes can offer significant savings opportunities for your business, helping to offset these new expenses and keep costs neutral. If […]
We are fast approaching the annual celebration of UK Savings Week and UK Pension Awareness Day. It would be remiss of us not to acknowledge the current financial landscape; where many of your employees are struggling to save due to rising costs of living. Yet, the importance of saving for retirement through pension contributions remains […]
The number of employees in financial distress is rising: approximately 80% of employees are impacted by money worries at work and 57% say financial worries are the biggest cause of mental stress.We also know that those who are feeling financially stressed but who don’t feel supported by their employer are twice as likely to look […]
Navigating the world of personal finance can be overwhelming. With a plethora of information available, it’s often difficult to know where to turn for help. This blog aims to clarify the distinctions between financial coaching and financial advice, empowering you to make informed decisions about your financial journey. Financial coaching: your personal navigator In order […]
The intersection of diversity, equity, and inclusion (ED&I) and financial wellbeing is a critical issue that’s often overlooked. The harsh reality is that certain employee groups experience a disproportionate burden of financial stress with regards to pay and pension. Women and ethnic minorities, for example, often face significant financial disadvantages compared to their peers. Additionally, […]
Measuring employee financial wellbeing is crucial for organisations seeking to improve employee satisfaction, productivity, and overall well-being. Research from PIB’s 2024 Wellbeing Revolution Report shows that a staggering 50% of corporate employers don’t have the data to make informed decisions on future employee benefit strategies. Understanding employees’ financial situations provides valuable insights into their needs […]
Childcare costs are affecting recruitment and retention Research shows the average cost of sending one child to nursery in the UK is almost £15,000 pa. The Standard recently reported that for those on average earnings, the UK is the third most expensive country for childcare costs in the world. For those earning less than the […]
At Maji, we’re proud to support forward-thinking companies in supporting their employees with financial wellbeing. We also help them make a tangible financial difference to their companies and their employees’ payslips through salary sacrifice (otherwise known as salary exchange). We’d like to highlight two case studies from the tech sector that showcase the benefits of […]
Interview with Richard Stovell, Maji’s Head of Financial Wellbeing Richard Stovell, Maji’s Head of Financial Wellbeing, is an employee benefits veteran with 25 years of experience under his belt. So, when we got the chance to interview him about the importance of financial wellbeing for employees, we couldn’t pass it up! Rich’s career started in […]
Financial worries are now the leading cause of workplace stress, a situation set to get worse as the cost of living crisis continues its stranglehold on UK employees. The crisis is affecting us all, but it’s not affecting us equally. The United Kingdom has some of the highest levels of inequality in Europe, according to […]
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Maji is the trading style of Maji Financial Wellbeing Ltd, a company registered in England and Wales (Registration no. 11937232). Maji Financial Wellbeing Ltd is registered with the Financial Conduct Authority (Registration no 969225) as the PSD agent of Bud Financial Ltd (Registration no 793327).
