Employee financial well-being: why it's important

Cox A, Rickard C, Spiegelhalter K, Brown D |   | Chartered Institute of Personnel and Development (CIPD) | Jan 2017

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This report authored by IES on behalf of the CIPD introduces the concept of employee financial wellbeing and collates key information about the poor state of financial wellbeing in the UK working population.

The report is the result of research conducted by IES into employee financial wellbeing and is one of three reports produced as part of this project for the CIPD. IES undertook a literature review on financial wellbeing and conducted workshops with HR practitioners, policy-makers and behavioural science experts that informed the research and resulting reports.

This particular report contains guidance for employers, HR professionals, policy-makers, benefit advisers and providers, and money charities on the importance of employee financial wellbeing and considers how financial wellbeing can impact on health in terms of poor psychological wellbeing, higher stress and anxiety levels, and lower levels of overall good health.

The report begins with an introduction to the concept of employee financial wellbeing and its importance for organisations. It then offers guidance on making the case for supporting employee financial wellbeing and concludes with recommendations for employers and other key players in the debate surrounding employee financial wellbeing.