July 14, 2024
'How to build financial strategy that supports multi-generational

A United Kingdom firm, Pluxee has come up with a survey on how to build a financial wellbeing strategy that supports a multi-generational workforce.

It stated that with up to five generations of employees in the workplace, building a financial well-being strategy that supports all workers, no matter their stage in life, was more challenging.

According to the report, savings schemes, financial education and money management tools top the list of financial benefits wanted by employees who don’t already get financial support at work.

With more than 2,000 employees across the generations and more than 500 Human Resource (HR) professionals interviewed, showed that the younger generation (Gen Z) has been dubbed the most financially savvy generation, paying into multiple pensions and regularly setting money aside.

It stated that 65 per cent keyed into employee savings schemes, 58 per cent had access to money management tools, 57 per cent had access to financial education/advice, 57 per cent also had access to financial coaches/advisors while 51 per cent keyed into the culture of openness where employees are encouraged to talk about financial concerns

It stated that if this generation wants to set money aside for their future, their salary must stretch as far as possible, making day-to-day living more affordable, stressing that this is where money-saving employee benefits are crucial.

According to it, while it is clear Gen Z is already considering its future, even though their working lives have just started, it queries that of the millennials, Gen X and the boomers still in the workplace.

The research found that 30 per cent of the employees interviewed had no savings or emergency funds. It stated that with the high cost of living, debts owed and bills to pay, many who had amassed a pot for the future have found themselves with much less than anticipated.

“The common thread is clear, forming the basis of your multi-generational financial wellbeing strategy.

“Employees want to feel empowered to make the best financial choices they can – today, tomorrow and in the future – which, first and foremost, calls for better guidance and education.

“This all feeds into how they can get the most from life during work and retirement. Helping employees rid themselves of debt and set money aside is crucial here.

“Each generation is looking to the future and the quality of life they can build for themselves, so making the present more affordable with employee discounts and cashback schemes is a must.”

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *