Hymans Robertson has launched a new financial wellbeing service for employers, Hymans Robertson Personal Wealth (HRPW).

The service aims to offer employers the ability to provide staff with a tailored programme of financial wellbeing services, including wellbeing workshops, one-to-one guidance consultations, financial coaching and financial planning.

It was launched after research from HRPW revealed that financial wellbeing is people’s biggest wellbeing priority, above social, physical or mental wellbeing, yet only one in ten workers (11%) had been offered any financial wellbeing support at work.

Highlighting the importance of employers in particular providing this support, HRPW head and partner, Julie Hammerton, pointed out that trust in the financial services industry remains consistently low, with recent research from the Financial Conduct Authority revealing that just 41% of UK adults trust the industry.

“This will be a barrier for so many people accessing the financial help they need,” she said. “Most don’t know who to turn to, but they’ll generally put faith in their employer’s ability to source trusted help.”

Given this, HRPW aims to offer employers flexible financial wellbeing programmes, which can be targeted at employees through all life stages, from the start of their careers through to retirement.

Commenting on the plans, Hammerton said: “Most organisations have made great progress in supporting their people’s physical and mental wellbeing. But when it comes to financial wellbeing the story’s a little bit different.

“From our experience over the past year it’s clear the landscape is shifting. Many more employers are recognising that their people need support, and that they can play a valuable role, particularly with most of us having to take more responsibility for our own lifetime savings.

“Employers recognise that worries about money and finances can have a big impact on all other aspects of health, as well as productivity in the workplace. They’re also aware that so many people are hitting the snooze button on planning for retirement, and when the alarm finally goes off it might be too late for many to get back on track.

“Backing this up, our research found that well over half (58%) of those aged 55 to 70 are worried about their quality of life when they do retire. The situation might be even worse for those in the generation following behind who have less defined benefit (DB) pension savings and property wealth to fall back on.”

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