Financial Education strengthens employee financial wellbeing and resilience

Financial Education is one of the most valuable things an employer can offer their workforce. Although children are receiving better education on different areas of consumer finance, many adults in the workforce today never received this support. As a result, they lack the knowledge they need to support their long-term financial wellbeing.
Unless you have a regular programme of Financial Education, many – perhaps the majority – of your employees will not understand the financial benefits of the employee benefits you provide, particularly your Workplace Pension. The reality is, if they don’t understand it, they won’t value it. If you aren’t sure how engaged your employees are in making such decisions, your Workplace Pension is a good place to start. How many of your employees have never made a proactive decision to increase their contributions or change their investments to suit their requirements?

Why Financial Education matters

If a key issue or challenge isn’t brought to your attention, there is far less chance that you will discover it for yourself and proactively do something to fix it. The same applies when it comes to Financial Education: if your employees don’t understand key aspects of their Workplace Pension, they have very little support to make decisions for their future.
By offering Financial Education:
  • You can reduce the risk of employees not being able to afford to retire. Not only does this impact on the employer-employee bond of trust, it can also affect your succession planning, blocking jobs for newer talent you want to bring into your organisation
  • You can reduce the risk of complaints and employee disaffection. If employees don’t have financial matters were never brought to their attention, they may believe you are making all the decisions surrounding their retirement, which is not the case
  • You clarify with your employees how modern-day Workplace Pensions work. Given there have been significant increases to how retirement benefits can be taken and a reduction in older Final Salary Pensions, employees may be unaware of these features, benefits and associated risks
  • Ultimately, you stand the best chance of engaging your employees so they take proactive ownership of their financial wellbeing, reducing the risk of financial stress that can impact on productivity in the workplace

Our approach to Financial Education

Engaging employees with the importance of their financial future is challenging, not least because many employees don’t know where to start or what questions to ask. Our approach to driving engagement is different, friendlier, and more personal. We know these subjects can be challenging, personal and sensitive so we’ve trained our experts to help your employees get to grips with numbers without making them feel like one.
Our dedicated Workplace Financial Education Consultants help to bridge the knowledge gap that millions of employees face when it comes to knowing what their retirement might look like, educating and equipping employees in a way that inspires confidence and an environment where no question is a silly one. After all, when employees make the sensible choice to think about their future, the least they deserve is to understand what they are getting for their money.
Creative provides a range of Financial Education services to suit all needs and sensitivities, including:
  • Group Presentations: to explain your scheme, how pensions work, how the State Pension works and the importance of saving, investing and reviewing
  • Guidance clinics: a more personal setting that affords the privacy that many employees prefer, so they are comfortable asking the questions they need
  • Drop-in sessions: to help employees with any admin or answer queries about the scheme
  • Telephone, Email and Remote Chat: with dedicated pension experts on hand to assist with any enquiries
  • Robo-advice and education: building online engagement programmes that use Machine Learning and AI to educate, guide and advise employees on a full range of financial topics
We make pensions truly personal in a way that’s affordable and sustainable for employers and switches employees on to the importance of their financial future.

Financial Education or Financial Advice?

Most employees in the UK are not offered Financial Advice in relation to their Workplace Pension. It cannot be given by employers and many Employee Benefits Consultants do not provide advice as it is strictly regulated by the Financial Conduct Authority.
However, employees really value Financial Advice but often struggle with finding who best to ask or get in contact with. Whilst Financial Education is a key step to equipping employees with knowledge about the importance of their finances, Financial Advice will show them what is best for them.
As saving through employment is becoming more common thanks to Auto Enrolment, for many employees their pension ends up being one of their most valuable financial assets. As a result, employers are beginning to consider ways to offer or subsidise Financial Advice to their employees.
We can provide your employees Financial Advice through Creative’s regulated Wealth Management practice. We offer personalised advice that covers:
  • Appropriate contribution levels to fund retirement or retire at a given age
  • Analysis and projection of pension benefits at retirement
  • Investment portfolio recommendations
  • Combining other pensions
  • Retirement planning advice
However, we don’t stop there – our Chartered Financial Planners and Wealth Managers offer advice across a wide range of financial planning needs, such as protection, estate planning,  and other investments.

Show your employees you care – make them care

If your employees assume you are making all the decisions about their Workplace Pension on their behalves, they may never consider the things they need to do to ensure they can afford a comfortable retirement. Don’t leave them to discover this too late.
Show them you care by making them care – with Financial Education that empowers them to make the best decisions for their future. Talk to Creative today.

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What employees say about our service

It’s all been very good. The best thing I ever did was appoint you guys!

DirectorBuilding and Plumbing Supply Company

Thank you so much for the past two days!

You have been most helpful and I am sure the staff had learnt a lot.

Human Resources OfficerPrivate Members Club

Your presentation and the 121 sessions you hold are extremely beneficial to staff and we have a lot of engagement with pensions after you visit with employees reviewing their pension contributions and also new starters signing up.

Hema ChudasamaHR Manager | Institution Of Mechanical Engineers

He liked the time you gave to the whole exercise and the 1:1 in particular and the avoidance of jargon. He felt he was able to understand everything for the first time and, from my conversation with him, certainly has a good grasp of the facts.

ManagerEngineering Company

I’m glad that the Pension Review Meetings were a success - many staff members praised your presentation and found the 1-2-1 sessions highly beneficial.

Natasha MistryHR Administration | Institution Of Mechanical Engineers