Talk Money Week: 4 – 8 November 2024 – time to talk about financial wellbeing

In partnership with Aviva
with Parallel’s Michael Smith, Client Engagement Executive

According to our latest Working Lives report, 73% of employees feel more anxious about finances due to the cost-of-living crisis, with 75% seeking more support from employers for retirement planning.

Talk Money Week (4th–8th November) is an ideal time to discuss finances, emphasise financial education, and encourage employees to ‘Do One Thing’ to enhance their financial wellbeing now and for retirement.

The fear of uncertainty may heighten financial anxieties, causing avoidance and resistance in decision-making. Developing an uncertainty tolerance is key, transforming uncertainty from a negative force into a positive one.

Sam Conniff, Uncertainty Expert, recently joined Aviva’s ‘Navigating Financial Uncertainty’ event, where he shared his insights on how employers can effectively support their employees through financial uncertainty. You can watch this helpful address on the subject here.

Employees need to plan their retirement based on their desired lifestyle. A key uncertainty is pension savings, with around a third of employees doubting their pension will provide a comfortable retirement or only enough to get by.

To support your employees, it’s important to look at various tools and resources to enhance their financial wellbeing and planning, many which Aviva provide, such as:

• My Retirement Planner: Help discover their potential pension value with our retirement calculator, which estimates their pension pot at retirement, the impact of annuities or drawdown, and the tax-free lump sum available from age 55 (57 from 2028).
• Shape My Future: this tool helps employees envision their future lifestyle by estimating their retirement income, exploring the costs of their desired lifestyle, and planning their savings to achieve it.
• Mid-life MOT: designed for UK residents aged 45-60, offering a free, impactful check-up of your employees wealth, work, and wellbeing, featuring a quiz, actionable suggestions, and helpful resources.

Working Lives Report 2024: Working for the Future
For more tips on how you as an employer can support your employees during financially challenging times and to help retirement planning click into place, download Aviva’s latest Working Lives Report.

If you have any questions or would like further information please get in touch with your Client Relations Manager at Parallel or if you’re not a client, then why not book a Discovery Call in with us. We look forward to taking your call.

🤝 Recruit. Retain. Motivate
+44(0)20 8877 8306 // parallel-eb.co.uk

With thanks to Aviva for this blog – for more information on Aviva visit www.aviva.co.uk