Purpose
The purpose of this policy is to assist with creating an open and supportive workplace where managers and employees can discuss any issues associated with financial wellbeing, and to ensure the available resources are known about and offered to employees when needed.
We are committed to supporting our employees with their financial wellbeing. We recognise that worries and concerns about personal finances can have a significant detrimental impact on employees’ physical and mental health, as well as their ability to do their job.
We are committed to ensuring appropriate assistance is provided to any employee concerned about financial matters, experiences debt, or other financial problems.
Raising concerns
It is important that, as an employee, you prioritise your personal health and financial wellbeing. If you find that personal financial concerns are affecting you, you should discuss this with your manager, who will treat the matter with complete confidence. In order to ensure we can provide you with the best support possible we encourage you to be open in these conversations.
However, we recognise that this is a sensitive issue so if you don’t feel comfortable discussing your situation with your manager, you are encouraged to speak with another senior member of staff, HR or [insert details of a point of contact in place within the Organisation such as occupational health, mental health first aiders and/or an Employee Assistance Programme, if applicable].
Actions to be taken by managers
We aim to normalise conversations about money worries at work and breakdown any stigma. Managers will maintain an open-door policy so that employees feel comfortable in approaching them with their concerns. They will support you to talk openly about your current situation and will not make presumptions about how it is affecting you. Your manager will explore with you what support or adjustments you feel would be beneficial. Your individual needs will be addressed sensitively, and confidentiality will be maintained.
If you need additional support, we would encourage you to speak to [signpost points of contact within the Organisation, i.e. occupational health or mental health first aiders].
[Optional paragraph – add if appropriate]
We have adopted the following measures to support employees with their financial wellbeing [insert relevant measures, for example: we demonstrate our commitment to paying a fair and liveable wage by [insert details i.e. being a Real Living Wage employer], we fully support in-work progression, we provide access to financial education and guidance, for more information contact [insert name/job title], we carry out regular financial wellbeing surveys to accurately target our support for employees’ financial wellbeing, we have appointed a financial wellbeing champion who is responsible for financial wellbeing initiatives in the workplace, for more information contact [insert name/job title]].
Details of the Organisational benefits for employees including [add details i.e. Organisation loan scheme, details of any grants available, cost reduction schemes such as travelcard loans or discounted memberships] can be found in [add location i.e. the Employee Handbook].
Access to external help and advice
You can get free, confidential and independent money and debt advice from the government’s Money & Pensions Service [https://moneyandpensionsservice.org.uk]. Further external information and support is available from organisations such as Citizens Advice [https://citizensadvice.org.uk] [insert details of any other organisations you wish to signpost employees to].
Bullying and harassment
There is an expectation on all employees to conduct themselves in a supportive, sensitive and open-minded manner towards colleagues. We maintain a zero-tolerance approach to bullying and harassment and will treat any and all complaints seriously. If you feel that you have been mistreated in any way by a colleague because of matters related to your financial wellbeing, please make your concerns known to [insert name or job title].
[Optional – add if appropriate]
Employee assistance programme
We would like to remind you that further support is available by contacting our Employee Assistance Programme, a confidential 24-hour telephone counselling service that also provides information regarding financial wellbeing, which can be accessed on [insert details].