Financial resilience is the ability to withstand anything that could impact your financial situation and to bounce back from life-altering setbacks that impact our personal finances. It's how well you can absorb, respond to and adjust to a financial shock.
Low financial resilience can have a negative effect on your colleagues' day to day life. It can lead to financial worry and increased stress and anxiety, which can affect your colleagues' physical and mental health.
Financial worries can lead to lack of concentration at work, impact workplace productivity and in some cases lead to employee absence. This comes at a cost to employers both financially and in terms of group productivity, where employee absence impacts others in the team. Between the years 2020-21, it’s estimated that employers lost £6.1 billion in absenteeism due to poor mental health.1
Helping your colleagues build their financial resilience can help them feel confident making short- and long-term financial decisions allowing them to better manage today's money, while helping them save enough for the retirement they want.
1Deloitte UK Mental Health Report 2022
Research suggests that members who are digitally engaged feel more confident.2 So we've created a number of ways to support your colleagues when they need help strengthening their financial resilience.
2 Royal London Customer relationship study, August 2023
Our free financial wellbeing service gives your colleagues access to ongoing financial education and guidance whenever they need it - helping them improve their financial knowledge, confidence and wellbeing.
They get access to:
Our mobile app can help your colleagues stay on track with their pension.
With the app, they can:
In addition to our financial wellbeing service, we also aim to help build financial resilience by sharing information through:
You have access to our employer communication toolkit to help you support and engage with your colleagues about their pension. Topics include our mobile app, financial wellbeing service and much more.
You can also sign up for Pension Matters, our monthly employer newsletter which provides you with updates, resources and support to help manage your company's pension scheme and support your colleagues.