The Art of Employee Financial Wellness | Mercer

Financial Wellness

Wealth and Investments

Employee Financial Wellness

Improving employees’ financial wellness can lead to heathier employees, reduce absenteeism and lower turnover rates while raising employee satisfaction and improving the employer brand. However for financial wellness programs to be successful they need to do more than just provide education they need to result in employees taking appropriate actions that lead to financial success. Mercer’s approach to employee financial wellness focuses on engaging employees throughout their lives, with a focus on guiding employees towards action. The objective is to help employees reach their goals for every stage of their “financial lives,” whether it’s saving for a house, a car, college, or retirement.

Why Promoting Employee Financial Wellness is Crucial

Mercer’s Healthy, Wealthy and Work-Wise research demonstrates that employers have a key role to play in promoting employee financial wellness and security through the provision of trusted support and advice programmes.

What the research tells us:

  1. 33% of those surveyed indicated that they have not made any retirement savings calculations.
  2. Less than one quarter of pre-retirees in Ireland are confident that they will save enough for retirement while 65% expect to never retire.
  3. 81% of those surveyed claimed that they trust employers to give sound, independent advice on planning, saving and investing.

Overall, the results suggest that employers have an opportunity to play a crucial role in addressing current investment and financial planning roadblocks for individuals.

The Strategic Benefits of Financial Wellness

Organisations have every reason to want their employees to be financially sound. An effectively designed employee financial wellness program can help employers:

  • Bolster productivity, because employees aren’t distracted by financial worries.
  • Drive more predictable workforce flow throughout the organisation.
  • Result in improved physical health (people with high levels of financial stress are more prone to sickness).
  • Increase employee engagement and retention.
  • Create more affordable retirement opportunities for all employees and enable career advancement opportunities for younger employees.

Having a clear understanding of the business benefits of financial wellness, integrated within the overall wellness and HR talent/acquisition strategy ensures corporate commitment and is key to a successful financial wellness program.

Access to Sound Financial Guidance and Advice

Mercer Personal Financial Planning specialises in supporting individuals through their financial decisions.  As well as providing pension planning and pension change advice for employees, the team can also provide the following services to assist you and your employees.

Download to find out more about our supports for senior employees developing their own financial plans.

Download to find out more about our financial protection services.

Download to find out more about our specialist expertise and services for employees exiting the business through restructuring.

Download to find out more about ETV exercises for pension scheme members.

Mercer Personal Financial Planning

The Financial Planning team is qualified to advise on all aspects of personal financial planning including pre- and post-retirement planning, protection planning and saving/investing. Mercer in Ireland is an authorised investment intermediary and can broker the market to find you the most suitable product.

Contact Us

We would welcome the opportunity to talk to you about the services we provide and how we can support your employees to plan for their financial security.  If you would like to speak with us or require further information, please Contact Us.

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