Employers should play a role in the financial wellbeing of employees, survey finds

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Employers Should Play A Role In The Financial Wellbeing Of Employees, Survey Finds Employers Should Play A Role In The Financial Wellbeing Of Employees, Survey Finds
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A new survey has found that 75 per cent of people think employers should play a role in the financial wellbeing of employees.

Financial wellbeing includes teaching employees how to manage their financial affairs, giving them the knowledge to navigate their way around banking, tax, and insurance matters related to their individual circumstance.

Research, carried out by Taxback.com, also found that 38 per cent of people worry about money on a weekly basis, meanwhile 7 per cent of people said they don't worry about money at all.

Barry Cahill, director of financial wellbeing services at Taxback.com, said: “It’s not surprising that most people think employers should take an active role in this area.

“And employers too are realising this, as more and more are placing greater focus and attention on workplace wellbeing in recent years, and financial wellbeing is interwoven into this.

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“On average, about three quarters of the workforce in each of the organisations we have worked with have availed of the service, which demonstrates a real appetite for this type of financial guidance and has ultimately resulted in thousands of workers throughout the country receiving tax refunds that they may not otherwise have claimed.

“The most notable commonality across all of the tax reviews we undertook was people’s lack of awareness of tax reliefs and the refunds available to them.

“These employees, and thousands of others in the same position around the country, can gain from unclaimed medical expenses, prescriptions, e-worker relief, or specific flat rate expenses such as shop assistant allowance – but so many either do not know of these refunds, or believe that the process of claiming them is simply too convoluted and time-consuming.

“We aim to dispel these myths, and to educate and inform.”

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