As an employer do you take advantage of the annual tax-free allowance for financial advice and guidance for your employees?

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The recent Office of National Statistics (ONS) Labour Market figures have highlighted a growing need for employers to provide financial wellness advice and guidance to their staff.

The ONS reported that under-35s accounted for 90% of employment growth with 70% of those under 34 required regular borrowings to meet their financial obligations.

Whilst employers may be aware of a number of other benefits which are offered to employees, such as childcare vouchers, health screenings and dental insurance, there is the increasing factor to include financial wellbeing into the mix.

Is this something as an employer you would be willing to offer?

By offering financial advice and guidance (which can be delivered in the workplace) it could provide the extra assurances an employee needs to ease their personal financial anxiety and debt. It could also help boost employee productivity and loyalty.

The annual tax free allowance for financial/pension advice is £500 per employee.

If you offer employee benefits/wellbeing schemes within your business and are considering including financial advice and guidance contact us to see how we can help your employees with their financial wellbeing.

 

Source - https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/january2019

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