This is the first academic year that financial education has been on the curriculum in schools. According to the Personal Finance Education Group (Pfeg), some teachers have even said that 11 years old is too late to start learning about money, and that children should learn money skills in primary school. Pfeg campaigned for financial education to become compulsory in schools, but there are many adult employees working in your business right now who will have missed out on this education.
Some of the topics included in the new education include wages, financial risk, and interest rates – do you think your employees understand their payslip and tax, and how interest rates work? Jelf Employee Benefits believe that employees could benefit from receiving some support from their employer in managing their personal finances. Financial education can help individuals with their personal circumstances by helping them to take control of their finances, removing the worry and stress. If you provide the help and support to your employees to do this, you can decrease their overall stress levels, resulting in increased productivity.
What’s more, providing education on the benefits you promote means your employees will really understand and make the most of them. So your investment in them is justified. Providing retirement education to all staff, not just those approaching retirement will help them be better prepared for it, understand their pension scheme, and actively engage with it.
If you want to find out more, speak to a Jelf Employee Benefits expert or have a look on our website.