What is a Financial Wellbeing First Aider

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Workplaces have First Aiders for when someone is injured.

 

Our research shows 84% of employers have Mental Health First Aiders in the workplace.

 

The cost of living crisis has exposed the lack of financial education and literacy in the UK.​

 

Yet, financial worries are the biggest issue people in work are reporting and asking for support with, in turn this has brought the money issues, concerns and lack of financial knowledge employees face into employers focus, that's where your Financial Wellbeing First Aider can make a difference.

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Financial Wellbeing First Aiders 

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• Are  trained to identify the psychological, physical and behavioural signs of poor financial wellbeing, money anxiety and stress.

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• Develop non judgmental empathetic conversations, which gains trust and builds money confidence. 

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• Empowers your people by timely practical support, guidance and assured signposting. Whether your people are faced with an immediate crisis or need support on taking next steps for example, who to speak to about debt, pensions, investments and protecting their money.

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Why have a Financial Wellbeing First Aider

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It's good for your people and business, financially, operationally and reputationally.​​

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The Chartered Institute for Personnel and Development (2023) reported 59% of organisations believe the lack of financial literacy represents a risk to the financial wellbeing of their workforce.

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• Half of UK employees are embarrassed about their levels of financial literacy.

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• 9 million people are in serious debt, with people who have debt or money worries three times more likely to develop mental ill health than those not in debt.

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• 68% of HR professionals confirm they have received requests for Financial Education Initiatives from their employees.

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The CIPD  reports "where employees are covered by a financial wellbeing policy, they are seven times more likely to report their employer has a positive impact on their financial wellbeing." 

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Research shows employees expect their employers to provide financial wellbeing  support and education as part of their employee benefits package.

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Staff report where their employer provides support "they feel protected from poverty and feel in control of their finances."

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​How employees and employers benefit

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EMPLOYEES know there is someone who will not judge and stigmatise them. Support is always in confidence. Whether an employee is in crisis, struggling to keep their head above water paying the bills or need additional information and assured, expert signposting to a specialist.

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• Studies show staff report reductions in anxiety, stress and mental ill health feelings, while reporting positives, including sleeping better at night, can focus on work, feel like a weight has been lifted, improved financial literacy and confident in taking empowered meaningful action to improve skills, knowledge and life outcomes.

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EMPLOYERS benefit from reduced absenteeism, increased productivity, an engaged, supported workforce who feel valued, improved business and operational metrics, higher employee satisfaction scores, improved retention, reduced recruitment costs and are a more attractive proposition to new recruits.

 

Having a Financial Wellbeing First Aider;

 

• Communicates to your people, the additional care and support you want your people to have. Undoubtedly it will reinforce your organisational values and commitment to your people.  

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• Contributes to supporting a culture that it is okay to talk about topics that are often deemed as taboo, hold people back or keep them down.

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Impact on organisations of poor employee financial wellbeing*

 

CIPD Employee financial wellbeing: A practical guide (01 Feb 2023)*

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Attendance

• 10% of full-time and part-time employees have missed days at work because of financial worries, with a average of 4.9 worker days lost each year.

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Productivity​

• On average, employees spend 3.5 working days a year managing their money.

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Mental health

• Some 34% of employees say that financial stress/money worries in the past year have had a severe or major impact on their mental health.

 

Retention

• Over three-quarters of employees (76%) state they would be attracted to another company that they perceive cares more about their financial wellbeing.

 

Engagement

• Employees who state money worries have a major impact on their mental health are less likely to feel valued at work.​​

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​Who can train as a Financial Wellbeing First Aider

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It is suitable for anyone who has an interest, no prior qualifications needed.

 

Ideal for mental health first aiders, people who line manage your employees and HR professionals because it is often during 121's, private conversations in safe spaces and Team meetings that hidden worries and concerns open up. Having Financial Wellbeing Skills at those moments could be the difference between going under or rising above.​​​

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What a Financial Wellbeing First Aider is not

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It is important to make a clear distinction.  Financial Wellbeing First Aiders do not give any financial and legal debt advice. They are not regulated advisers, for example; pension advisers, financial advisers and legal debt advisors.

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What does the CPD accredited training entail

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• We'll send a pre-course workbook for orientation ( there's no need to do any work at this time).

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• The 2-hour training session is immersive, educational and empowers people to be workplace financial wellbeing champions with the skills, knowledge and assurance of what do for example if faced with a financial crisis, how to make the most of budgeting and for the immediate and longer term support and advice they may need.

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• Finally, there are two online modules, which reconfirms learning, with a certificate issued once successfully passed. The two modules take up to 60 minutes to complete.  ​​​​

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How is the Training delivered

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It’s very much your choice it can be on Zoom or live in person at a venue of your choice. Please note that travelling, accommodation and subsistence is an additional cost and can be agreed prior to booking.

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What are the costs

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• £245 plus VAT per delegate.

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For group/corporate bookings, a saving may apply depending on number of delegates, please enquire.

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How do I book

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Please see the contact form on this page, below. We will contact you within 24 hours of your request.

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I would like more information before booking, can I speak with someone

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Absolutely Yes, please use the contact form below to arrange a discovery call. Please include your best contact number. We will call you within 24 hours of your request.

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Can I cancel

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You have a right to cancel within fourteen working days of booking for a full refund (subject to an admin fee for refunding payment) provided the Training is not within that period, should you wish to cancel within 14 days of booked Training NO course fees will be re-imbursed. However, the training can be rescheduled, with no right to refund of fees.

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Who delivers the Training

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We have partnered with FinWELL Training Ltd who share the same values as we do. We are FinWELL accredited to deliver the training. They have successfully rolled out their training to a range of employers, from construction to consultancies. There is no difference in costs or offers.

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    Last online training this side of Christmas Wednesday 20 November 9.30am​

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Register or book here

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• You can register interest OR book training here. When booking training, please note the cost per delegate is £245 plus VAT per person (enquire for group rates).

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• ​Please note when you click on payment you will be taken to a separate payment page which will show as FinWell Empowering Healthier Relationships with Money/Instructor Saleem Shafi​.

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• Saleem Shafi is the Chief Financial Wellness Officer a Director of Money Beam Ltd and Lead Strategy Partner, Finwell Training Limited. Training will be delivered by Saleem Shafi.