Bippit press centre

Workplace pension schemes have traditionally been held back by antiquated technology and a lack of engagement from employees. New technology is helping to change that.

It’s a well-worn cliché that boardrooms only care about data. The cliché falls apart when you speak to HR directors that have actually got buy-in for wellbeing initiatives.

Mind the advice gap, says the UK regulator. This phrase represents the growing chasm between those who get financial advice and those who want it.

Pensions education is an absolute must-have. If you get someone saving over a long term and understanding the benefits of deferred gratification, you’ll get them aligned with building long-term financial health.

Despite workplace pensions being the most expensive employee benefit an employer can provide, it is often the benefit that gets “the least attention from a HR perspective," likely because of the regulatory and compliance requirements.

Putting retirement planning in the ‘not important now’ or ‘too hard’ box should not be an option – firms should help employees prepare for retirement throughout their entire working lives, says Sam Lathey, CEO of financial wellbeing platform Bippit.

CDC pensions have the potential to provide a more secure and predictable retirement income for employees by closing the retirement savings gap that leaves many workers with insufficient retirement income for later life, says Sam Holmes, Bippit's Head of Financial Coaching.

Stationary brand Papier has introduced Bippit for its 99 employees, giving them access to one-to-one financial coaching with a professionally-qualified financial coach matched to their needs and financial goals in life.

The NHS Black Country Integrated Care Board (ICB) has introduced Bippit as part of its investment in the wellbeing of its 550 employees, who now enjoy sessions with financial coaches with FCA-recognised qualifications.

The digital agency, which is based in Liverpool, UK, and has 50 staff members, launched the service this month (May) to help improve employees’ long-term financial health. The service was launched following a team survey, which highlighted a demand for financial coaching among the workforce.

There are many similarities between financial wellbeing and mental health and there are four key areas where lessons can be learnt. Three of these areas relate to stigma, and the fourth around the types of financial wellbeing solutions that organisations can implement.

The NHS Black Country Integrated Care Board (ICB) recently brought in financial wellbeing platform Bippit so that its 550 employees can enjoy coaching sessions with expert financial coaches, whatever stage of their financial journey they're on.

SLC Rail has introduced financial wellbeing support for its 80-plus employees nationally as part of a new cost-of-living benefits package. The Birmingham, UK-based rail consultancy firm is offering staff access to one-to-one financial coaching and an all-in-one financial wellbeing service

Only 3% of senior HR professionals worry about money every day, compared to almost a quarter (22%) of UK employees, according to financial wellbeing service Bippit. Overall, 87% of HR professionals are more confident in managing their money than other employers at 68%.

Data obtained exclusively by People Management from Bippit has revealed  HR teams and employees have different views on the quality of financial wellbeing support at work. 84% of HR believe they provide an environment that encourages employees to share money worries, but only 52% of employees agree.

Health providers, councils, and employers all need to get better at making the connections between financial insecurity, the cost of living and ill health, two reports have argued.

New research from financial wellbeing platform Bippit reveals a striking link between demographic factors and how comfortable employees are sharing money worries in the workplace.

More than a fifth (22%) of employees worry about money every day, according to research by financial wellbeing organisation Bippit that surveyed 5000 UK employees and 660 senior HR professionals.

NRL Group has invested in financial coaching for its employees in the UK and Ireland. The family-owned workforce solutions business, which employs 122 people, is now offering staff access to personalised money management plans, which includes options to track goals, analyse spending and participate in challenges.

Employees who receive financial support at work are almost four times as likely to want to share money concerns with their organisation, according to new research. Dynamics in Financial Wellbeing, based on a survey of 5,000 UK workers, shows that just 16% of employees that report getting no employer financial support would share money worries at work.

A study has uncovered a significant connection between demographic factors and the willingness of employees to discuss money-related concerns at work. In the report ‘Dynamics in Financial Wellbeing: The Stigma Edition 2023’ by financial wellbeing platform Bippit, gender emerged as a key variable.

Due to stigma concerns, only 48% of workers in the UK feel comfortable talking about money at work, a report from Bippit, a UK financial coaching company, revealed. For those with financial concerns, 42% said that they didn't disclose these worries because they don't believe they can help.

Human beings have an innate desire to define things. But financial wellbeing is such a deeply personal endeavour that it’s not possible to agree on a universal definition. This is a good thing because it makes financial wellbeing inclusive by design.

Salience has introduced a financial wellbeing platform to support its workforce through the cost-of-living crisis. The marketing company’s employees now have access to professional coaches and bespoke money management plans.

Financial struggles caused by low earnings were also found to be continuing to impact people’s health, with more than half (52%) of respondents reporting a negative effect on their mental state.

When it comes to employee engagement, retention and performance, the employee benefits package plays a crucial role. The key to ensuring that the benefits offering is attractive, fair and relevant is securing regular feedback from employees.

Effective communication with employees is essential if they are to make the most of the benefits on offer. Businesses need to make sure they’re delivering targeted messages about relevant items, just at the time when it’s needed.

Research shows a significant gap in how employers and employees perceive the financial wellbeing support on offer. Sam Lathey offers up three potential issues and how to solve them.

The rise of artificial intelligence (AI) has made plenty of headlines recently, and this is likely to continue over the coming year. In the benefits and reward space, providers are now starting to integrate its capabilities into their offerings, and employers are starting to benefit.

Employees who don’t feel comfortable sharing money worries at work say it’s because they don’t think their employer can help. This is despite organisations making significant investments in financial wellbeing during the global pandemic and cost-of-living crisis. What’s going on?

Many employers do not have a financial wellbeing strategy, but Samuel Lathey, CEO of Bippit, argues it’s crucial if organisations want to see a healthy return on investment.

Following recent research, people have asked whether the wellbeing at work movement is dead. This hyperbole is unhelpful and, of course, not true. Underpinning the wellbeing movement is the belief that healthier people operating in supportive conditions are better at their jobs.

New proposals from the Financial Conduct Authority to broaden the regulatory framework around financial guidance are likely to make it easier for organisations to engage employees with wellbeing benefits. But it’s important to be aware of the potential downsides

Employee wellbeing surveys can be useful before making decisions around budgets and benefits, but these must be designed and used in the right way if they are to drive the most impact, writes Sam Lathey.

Some benefits are more valuable than others, and some can literally change employees’ lives, says Sam Lathey, CEO of financial wellbeing platform Bippit. But the most valuable benefits do not always get the take up they merit.

Wellbeing washing is when companies say all the right things on LinkedIn, but don’t genuinely care about their employees' wellbeing. Instead, they implement cheap, ineffective support to improve the organisation's reputation. How can we avoid this?