Growing financial inequalities in Jersey 

Financial Wellbeing - A compelling case for employers to act

"Financial wellbeing is an important contributing factor to an individual’s overall wellbeing. A sense of financial security - enough money to meet your needs and enjoy life - leads to positive financial wellbeing." (Forbes)

•Financial pressure is the top cause of stress outside of work (37%)

•Employees aged 25-34 are the most affected age group (45% cite finances as a cause of stress)

•Female employees are 33% more likely to experience financial stress than their male colleagues

•Those experiencing financial stress are twice as likely to experience suicidal thoughts

•1 in 5 employees say financial stress impacts their productivity

(Source: Champion Health UK – 4000 employees)

The moral case for supporting employee financial wellbeing has never been stronger, but there’s also a compelling business case:

•enhanced reputation

•easier recruitment

•better employee relations

•improved employee commitment and motivation.

A Six Point Plan to Help Employers

• To develop a financial wellbeing strategy to empower employees to take control of their finances and reduce the negative effects that money worries can have on mental health and wellbeing

• To play an active role in improving financial inclusion and reducing inequalities across the local community

The Six Point Plan: 2. Seek to understand

The Six Point Plan: 3. Remove the stigma

The Six Point Plan: 5. Plan ahead

The Six Point Plan: 6. Have community impact

What’s next? 

❖ Consider the possibilities:   Consider how you can fulfil the 6-Point plan in your organisation over the next 12 months. What are you already doing and what more can you do to improve the financial wellbeing of your employees who may be struggling financially? What can your organisation and your people do to practically to improve financial inclusion across our local community? We’re happy to provide a sounding board and advice. 

❖ Learn more: Why not start the conversation by booking a date for The Diversity Network to deliver our free Financial Wellbeing and Inclusion briefing to your people managers and/or employees? It explains the terminology, the case for taking action, and it’s full of useful tips and techniques. Or get in touch with Community Savings to find out more about why people come to them for help and what they are doing to improve financial inclusion in Jersey. 

❖ Sign up and spread the word: When you’re ready to sign up to the #6simplesteps campaign, let us know and we’ll prepare a certificate so that you can share the good news that you are working to meet the principles of the 6 Point Plan with your people. 

We’ll share it far and wide via social media and on our website too! As a signatory to the 6 Point Plan, you’ll also be invited to a celebratory event next year so that we can share what works with each other. 

Please do get in touch to join our campaign and spread the word for financial wellbeing and inclusion across our community.