Firms urged to provide financial education


Firms urged to provide financial education
Companies should provide their staff with financial education in order to minimise the effect of the post-Christmas financial hangover, it has been claimed.

The Chartered Institute of Personnel and Development (CIPD) said that offering financial education in the workplace could combat the danger of stress and anxiety-related underperformance associated with employees in debt.

With the average debt for each UK family standing at 150 per cent of its combined income, around 23 per cent of organisations are already providing financial education to staff, the institute's report found.

"Employers may not think providing basic financial education for their people is their responsibility," said CIPD reward advisor Charles Cotton.

"But the impact of not providing it can mean a workforce pre-occupied or overwhelmed by their own financial problems, and unable to appreciate the value of the pay, benefits and pensions package the employer uses to attract and retain its best people."

Workplace financial education can help reduce sickness absence and employee turnover, help organisations attract staff and improve employee engagement, the report, which focused on a number of large businesses, found.

Related categories: HR / Recruitment.

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