28% of employees have trouble meeting monthly household expenses. With ‘Pay Day Loan’ companies claimed to be one of the fastest growing sectors during the recession. Could your employees be part of these statistics?
In our October newsletter we covered one of the biggest financial burdens facing companies – employee absence.
It is estimated that 44% of UK full-time workers worry about their personal finances and spend some 2-3 hours per week dealing with these in the workplace. (See our November Newsletter)
The Government is planning to announce a proposal under the Banking Reform Bill to force Regulators to use their powers with ‘Pay Day Loan’ companies to cap costs – which in some instances represents an alarming annual interest rate of 4000%.
What can we do in the workplace? One solution is to introduce financial wellness programmes that offer advice and support to your employees during this difficult time. Given that the December festive season is looming and a lot of companies are equally facing the challenging seasonal demand on goods, products and services – can you afford for your employees to be spending 2-3 hours dealing with their personal financial worries?
We have been introduced to Michael Rust who works closely with companies, providing specialist help and alternative solutions to employee debt issues.
Michael visits organisations (often during break times) offering free no obligation financial consultations. Meetings are on a 1-2-1 basis and are entirely confidential, supporting employees to take control of their finances and reducing the debt burden. Good news for all!
If you’d like to learn more about how you can support your employees contact Michael on: 01908 225727.
