Age and Financial Wellbeing: 3 Crucial Reflections

According to PwC's Employee Financial Wellness Survey, money is one of the biggest causes of stress in the modern workplace. With 53% of employees stressed about their financial situation, there is no denying the importance of benefits that financially protect your workforce.

One of the main issues that arise when considering financial wellbeing benefits is the effect that age can have on the suitability of the benefits offered. The financial worries an individual may have can be affected by financial targets and where they are in life. For example, younger workers will have unique challenges such as housing and managing student debt. These are problems that are frequently ignored when providing a wider workforce with a financial wellbeing strategy.

Below, we explore three reflections that reward managers should think about when providing an employee benefits scheme to improve financial wellbeing across a multi-generational workforce.


Don’t supply your employees with generalised benefit schemes. It’s important to think of the individual differences that exist between different generations in the workplace as different groups of people are likely to have unique financial challenges that are only applicable to them. By offering personalised benefits, you can give your employees what they really need.

An example of this would be how younger workers have individual financial challenges such as buying their first home. This generation may be interested in investments and savings benefits which would allow them to save and get on the property ladder. In comparison, older generations may prefer benefits that are pension based. This is why it is important that you supply individual and personalised benefits in order to apply an effective financial wellbeing strategy to your business.


Money Management
Many employees struggle to understand financial issues that may relate to them and often fail to make use of the benefits on offer in the workplace. This is especially true for younger individuals who are not sure about what their future may hold. You should improve your employees’ financial wellbeing and provide them with the knowledge to make informed decisions. In fact, according to Barclays, one in five workers say they would value broader financial guidance from their employer.

Employee assistance programmes provide your employees with the opportunity to discuss financial worries with someone who is fully trained in offering sound financial support. They supply workers with direct and confidential contact with individuals who can support in areas such as financial management, which may be causing them emotional distress.

These programmes are highly beneficial in multi-generational workforces, as finance professionals can offer specialist and financial support. Different groups of people are likely to need different information depending on their generation and what they are aiming for. Having an employee assistance programme in place means that different generations have access to professionals who can offer specialist wellbeing information.


Salary Sacrifice
There are many employee benefits that can be offered to employees through salary sacrifice. This is the process involved when an employee exchanges part of their salary in return for a particular benefit. This money is usually taken before tax, meaning there are substantial cost savings.

One of the main benefits of salary sacrifice schemes is that they work well across different workforces. They are offered on schemes such as pension contributions, cycle to work schemes and car leasing. This means that you can improve the financial wellbeing of your employees by offering less expensive benefits.

Salary sacrifice creates a financial benefit which can be combined on several schemes meaning there is something for everyone in your multi-generational workforce.


Provide a great workforce experience
Regardless of generation, money is equal to security for most individuals. When your employees are not on top of their finances, it can cause them anxiety, stress and other wellbeing issues which may have an impact on their ability to function at work. Offer benefits that make your employees feel secure and rewarded, and you are likely to see an increase in employee productivity in the workplace.

At Bravo Benefits, we offer a variety of benefits that work to engageprotect and reward your workforce. To find more information about how Bravo Benefits can help you and your workforce, call us on 0330 333 9100 or email us at