Julie Hammerton is head of Hymans Robertson's newly-launched personal wealth service
Hymans Robertson has formally launched its financial wellbeing service for employers.
The consultancy said the service - Hymans Robertson Personal Wealth (HRPW) - would offer employers the ability to give their people a tailored programme of financial wellbeing services including financial wellbeing workshops, one-to-one guidance consultations, financial coaching and financial advice.
Hymans Robertson said it had been working with around 20 of its existing large corporate clients on this initiative over the past year was now fully launching the service for new business.
Hymans Robertson partner and head of HRPW Julie Hammerton said: "Over the past 100 years, we've been helping our clients' pension scheme members through the support we give to corporate sponsors and the trustees. Increasingly, though, our clients have been asking us to play a more direct role in how we support their people.
"Given responsibility for long-term savings has shifted to individuals, our clients definitely recognise that their people need different and more direct help."
Hymans Robertson said its analysis showed that financial wellbeing was people's biggest wellbeing priority, ranking above social, physical or mental wellbeing - noting it was vital for financial health to play an important part in employee support strategies.
Despite this, HRPW's research found that only one in ten workers (11%) said that they were offered any financial wellbeing support at work.
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."
She added: "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 responsibility for our own lifetime savings."
Hammerton also said that people were more likely to get financial support if it is offered through their employer.
She explained: "Unfortunately, trust in the financial services industry remains consistently low with recent research from the Financial Conduct Authority finding that only two in five (41%) UK adults trusted the industry.
"This will be a barrier for so many people accessing the financial help they need. Most don't know who to turn to, but they'll generally put faith in their employers' ability to source trusted help."
Hymans Robertson said its HRPW service offers employers financial wellbeing programmes tailored to meet the needs of their workforce - adding that they can be targeted at employees through all life stages, from the start of their careers through to retirement.
All HRPW's services will be delivered by qualified financial coaches and advisers.
Hammerton said: "Through technology, we can give meaningful support to people who may never have been able to access it before - but it is always fronted by a real person. Personal finances are deeply personal. Understandably most people want to talk things through with someone, and ideally who has the right qualifications and ability to help people find their way through the complexities and jargon that often comes hand-in-hand with finance."
The key building blocks of HRPW's financial wellbeing programmes include:
- Financial wellbeing workshops run by qualified and accredited coaches. HRPW said these will help employees understand of a range of financial topics through a series of interactive webinars or seminars covering life's big events and challenges.
- One-to-one guidance sessions: bookable consultations for those who would like more meaningful guidance from financial experts.
- Individual coaching where employees are assigned a dedicated financial coach for a year.
- Financial advice from qualified financial planners is also available.
- Employee access to a financial wellbeing portal. HR MyMoney is offered as part of the service - hosting educational content, a variety of tools and calculators and has open banking functionality to give people a real-time, holistic view of their finances.
- Employers are also provided with employee-facing materials to support the programme of activity.
