• Why financial wellbeing?

• Dealing with TODAY

• Prepare for TOMORROW

• Thinking of the ONE DAY

• Questions

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Why?
Employee wellbeing
• Employee wellbeing
we take it seriously

• The pillars of holistic

wellbeing

•
is a key component

3
What is concerning others?

Only a little more

Almost 1/3 say their than 40% A further 42% do
financial situation not foresee

have access to savings

has a negative impact that will last for more
on how well they sleep a retirement in which
than 3 months should
and their ability to they will be financially
their income come to
manage stress secure
an unexpected stop
*Barnett Waddingham market research
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5
 Maslow v
Your financial needs Financial Needs

Self-Actualisation Self-Actualisation
Financial independence Morality, creativity, spontaneity

Esteem Self Esteem

Save and invest for Achievement, confidence,
dreams and retirement respect of/by others

Belonging Love and Belonging

Pay down consumer debt
Friendship, connection, intimacy
and/or mortgage, enhanced lifestyle
Safety Safety and Security
Insurance, emergency Security of health, property
fund, budget, lifestyle, Will employment, family and social stability

Basics Physiological Needs

Food, housing, utilities Food, water, shelter, sleep

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Visualise your financial future like a Waterfall

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8
Today

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Helpful links for debt management
Debt advice:
Money Advice Service
www.moneyadviceservice.org.uk/en/tools/debt-advice-locator
Step Change
www.stepchange.org/how-we-help/debt-advice.asp x
National Debtline
https://www.nationaldebtline.org/EW/factsheets/Pages/coronavirus -advice-a nd-support/help -and-advice.aspx

Budgeting loan:
Gov.uk
https://www.apply-budgeting-loan.service.gov.uk/

Improve your credit score:

Money Advice Service
www.moneyadviceservice.org.uk/en/categories/credit-cards-and-credit-ratings

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Are you missing out on state benefits?

Families in the UK are missing out on £21+ billion a year

www.entitledto.co.uk
Actions:
Lets your spouse or civil partner transfer £1,250 of
Marriage Allowance their Personal Allowance to you - if you earn more than them.
Calculate how much tax you could
save as a couple

Actions:
Tax-Free Childcare 20% off childcare costs / 15 or 30 hours free childcare / Tax
www.childcarechoices.gov.uk
scheme credits

You may be able to reduce your gross earnings below £50,000

Actions:
Child benefit through making pension contributions via salary exchange (aka
Child Benefit tax calculator
salary sacrifice) to retain child benefit

If you are a higher rate tax payer have you claimed back higher Actions:
Tax relief on pension
rate tax for any contributions not made through salary www.gov.uk/tax-on-your-private-
contributions exchange? pension/pension-tax-relief

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Budget planner – the Money Advice Service

www.moneyadviceservice.org.uk/en/tools/budget-planner

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Capitalise on discounts

Watch out for other

If you provide your discounts:
employees with access Such as on utilities,
to discount sites, put broadband, insurances etc
them here
Compare the market
https://www.comparethemarket.com/

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Financial Education

• Make a habit of
keeping yourself Other education:
informed Money Saving Expert
www.moneysavingexpert.com
• If you have a financial
education tool, detail it Which
www.which.co.uk/money/money-saving-
here tips/saving-money/50-ways-to-save-
money-a9g329r4s8hm

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15
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Tomorrow

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Saving Products

Instant access
ISA savings account Premium bonds
• Tax free saving • No interest
• Good for money you are
£20,000 per tax year
likely to need to access • Opportunities to win
• Cash or stocks and regularly tax free prizes
shares
• Low interest rates & www.nsandi.com/premium
Taxable -bonds

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ISAs – Individual Savings Accounts

www.moneysupermarket.co
Determine the type
that’s right for you:
• Cash ISAs
• Investment ISAs
• Innovative Finance ISAs
• Lifetime ISAs
www.moneysupermarket.com/
savings/isas

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New savings apps

Plum app:
• Apps (like Plum) exist which
will round up purchases for
you and transfer the excess
money into an additional
savings pot.

Others:
www.creditkarma.com/advice/i/
best-money-saving-apps

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One day

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Services from your pension provider

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Power of one to gradually increase pension
contributions

Video: https://vimeo.com/397195268/9d87e83880
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Workplace pension: Tracing lost pensions

There are three bodies you

can contact:
• The pension provider
• Your former employer
• The Pension Tracing service
Tel: 0845 6002 537
www.findpensioncontacts.service.gov.uk

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The State Pension

This could be up to Actions:

£9,109 pa (2020/21 tax year)

Check your State Pension forecast at:
www.gov.uk/check-state-pension
Also known as the flat rate State Pension

Are you on track for Actions:

Check whether you have any gaps in
a full state pension? your record:
You qualify by paying voluntary National Insurance
www.gov.uk/check-national-
contributions
insurance-record
You need 35 qualifying years to be eligible to receive your full state pension.
If you have any gaps in your record you may be able to make this up by paying voluntary NI contributions.

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Your Estate and Protection Benefits

• Any protection benefits offered should be

listed here. E.g. will writing services
• Any illness/injury benefits should be listed
here:
• E.g. Life cover
• E.g. Income protection
• E.g .Critical Illness
• E.g. Spouse life cover

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Long term care

www.moneyadviceservice.org.uk

www.moneyadviceservice.org.uk/en/
articles/long-term-care-services-at-a-
glance#finding-the-long-term-care-
thats-right-for-you

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THANK YOU

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