Financial Wellbeing Program Recommendations

This guide outlines recommendations for improving financial wellbeing programs in the workplace. It identifies the challenges faced by lower earners, particularly regarding volatile working hours and savings habits, which can lead to adverse financial outcomes. The document emphasizes the importance of meeting the Living Hours standard established by the Living Wage Foundation, which includes commitments such as providing a decent notice period for shifts, ensuring contracts reflect accurate hours worked, and guaranteeing a minimum of 16 hours of work per week. Additionally, it advocates for implementing payroll savings programs to help employees build savings automatically. The guide also addresses the action gap in financial behaviors, urging employers to review their financial wellbeing programs to ensure they are action-oriented and accessible to all employees. It stresses the need for tailored financial wellbeing toolkits that consider the unique circumstances of the workforce, particularly those with variable earnings.