Santander International and Community Savings Jersey have partnered with The Diversity Network to create a new programme helping employers support their employees’ financial wellbeing.
Financial Wellbeing: The Sixpoint Plan offers a framework for organisations to create a financial wellbeing strategy to empower employees to take control of their finances, reducing the negative impact of money worries on mental health.
The programme, created by The Diversity Network, sets out six steps Jersey firms can take to improve financial wellbeing and inclusion. These include providing employees with information and signposting support, identifying employees struggling with their mental health, removing the stigma around money worries, offering inclusive opportunities for development, developing long term resourcing and succession plans, and engaging with the wider community.
Kate Wright, Co-Founder, The Diversity Network, said: “Money worries can be one of the most significant reasons for stress and poor mental health, but a focus on addressing this is often absent from corporate wellbeing policies. This ‘Six Point Plan’ aims to help employers provide vital support to employees who may be struggling with their finances, and to play a role in improving financial wellbeing across the wider community.”
According to research by Close Brothers, three -quarters (77%) of employees say money worries impact them at work and one in five (40%) employees worry about their finances either, always or often.
James Pountney, CEO, Santander International, said: “There are many reasons why people may face financial difficulties, even while in full time employment but the impact on them and on the island crosses all sectors. ‘The Six Point Plan’ highlights key areas where employers can make a difference, creating a culture that supports employees’ financial wellbeing and that breaks down barriers to financial inclusion.”
Community Savings aims to support financially disadvantaged Jersey residents and promote financial inclusion.
Steve Eldred, Managing Director, Community Savings, said: “We know that access to financial services is a basic need. Exclusion from such services or dealing with financial trauma can lead to overwhelming stress and anxiety, a breakdown in relationships and a general deterioration of our quality of life. We’re delighted to be working with our partners in taking this message to employers in an initiative that aims to support those who might be silently suffering.”
Pictured: Left to right, Kate Wright – The Diversity Network, Susan Clark – Santander International, Steve Eldred – Community Savings, Lisa Lidbury – Community Savings.