How effective is the IES/CIPD practical tool in helping to promote and guide effective employer actions in supporting their employees' financial wellbeing?
IES received a grant from the Money Advice Service to help promote and guide effective employer actions in supporting their employees' financial wellbeing.
Throughout 2016 IES worked with the CIPD to create practical guidance for employers on why and how to support their employees' financial wellbeing whilst avoiding any liability and minimising the risks of ineffective investments.
IES piloted the guidance in three organisations to stimulate both more action and more effective action to support and improve their employees' financial wellbeing during 2017. The effectiveness of the actions and the tool will be evaluated.
This evaluation supported the notion of a tripartite approach to improving the financial wellbeing of the working-age population: employers cannot leave it to government to solve or assume it is a personal responsibility of employees to address on their own. The project highlighted the appetites of employees for intervention and support; and of employers to deliver this support to employees. It also highlighted the role for government to support employers in delviering effective financial wellbeing interventions, and to encourage individuals to take greater personal responsibility for their financial wellbeing.