Far too many people, over 70 percent of us in the UK, have no meaningful savings. No rainy day fund or cushion to safeguard against the unexpected.
With interest rates on the rise, inflation still increasing, mounting consumer debt and economic uncertainty, far too many of us are in a more perilous financial position than we would care to admit.
Average household debt, not including mortgages is around £13,000 and rising. Around 20 million working adults are struggling financially.
Living month to month has a direct impact on productivity and mental health at work. Financial stresses reduce our concentration, sometimes to the point whereby someone is physically present whilst being mentally checked out.
Stress reduces productivity. Employees may need time off. It’s also potentially dangerous when people are mentally checked out, a health and safety incident waiting to happen.
Employers often want to help. Knowing how to help, without giving out salary increases, loans or leaflets offering financial advice, is more difficult. We provide services that solve these problems.
What can an employer do?
Money is a sensitive topic. Even though, as an employer – or HR professional – you know everyone’s salary, people rarely talk about money at work. Asking employees to divulge personal financial information isn’t a practical option. Some employees will talk about personal finance when they need help, but most won’t.
This information gap is a big part of the problem. Thankfully, FairQuid has created a solution that goes a long way to solving it without breaching confidentiality or needing to ask for financial details from staff.
Get a financial health check for your team.
Using postcode data and national financial statistical information, our data scientists can create a customised report that will give you a statistical average for your employee financial personas.
With this information, we can create tailored financial wellbeing solutions that won’t cost you a penny.