If they haven’t already, businesses are encouraged to try out the new Claro Wellbeing Learning Management System (LMS), launched earlier this year, to address the financial advice gap in the UK and help businesses empower their teams to make smarter financial decisions.

The financial wellbeing platform will help businesses retain employees, compete for talent and boost team productivity by engaging staff and giving them the skills and confidence to form better financial habits. Claro Wellbeing has recently begun working with Ogilvy and Bacardi to improve their financial wellbeing.

Financial stress

This comes as research from Claro Wellbeing’s Workplace Today report shows almost half (43%) of people in employment say managing their money is their biggest cause of financial stress, and more than a quarter (29%) of workers say paying off debt is their leading cause of anxiety.

The secure platform allows users to book one-to-one financial coaching via video with an experienced and qualified coach at a time that suits them. Larger groups can benefit from bespoke live webinars to help whole teams manage the cost of living, buy a property, budget, and invest.

The platform also offers exclusive discounts and vouchers for employees to redeem against their favourite brands, rewarding them and making a genuine savings on products they regularly purchase.

Expert advice

The LMS is built by experts and offers users more than 15 on-demand financial education courses and scores of articles and blogs to boost their financial knowledge whenever they like and at their own pace.

Companies can also choose custom 30-minute live workshops for their team, moderated by a financial expert called Finance Fridays. During these sessions, employees can complete their personal finance tasks together, improving employee relationships and creating an open conversation about money.

Taking control

Claro Wellbeing users can also visually control their finances using the LMS’s budgeting tools. Users interact with a colourful and easy-to-use dashboard showing their personalised financial health score in one place. There are also 18 interactive calculators to help teams evaluate their progress towards home-buying, pensions, childcare and other financial milestones.

The platform is encrypted and uses secure open banking technology to display a user’s budget split by needs, wants and savings recent transactions from multiple linked accounts. All data is kept private from the employer and helps employees categorise spending and set spending goals.

Bridging the gap

Rob Brockington, CEO at Claro Wellbeing, says: “Some 35 million adults fall into the ‘financial advice gap’ in the UK and cannot access professional financial help. As a result, businesses have to pick up the slack and address the need for financial guidance among their employees. Our LMS and financial coaching help employers support their workforce, make them more financially confident and encourage them to make more informed decisions.

“As the cost-of-living crisis continues and financial worries grow, people often look to their employer to support them with a pay increase or look for another job. Companies that can afford to raise salaries can offer a quick fix, but in the long run, employers should invest in a long-term strategy to support their employees’ wellbeing.

“A financial wellbeing strategy which combines initiatives, education, coaching and interactive tools will be a more effective solution than any pay increase. We want to increase awareness of this among employers and employees.”

Rachel Harte, Head of Financial Planning at Claro Wellbeing, says: “Financial and mental wellbeing are intertwined. Without addressing the root of money problems, people will continue to struggle with their mental health and, as a result, struggle to focus on other elements of their lives, including work.

“Our research shows that these feelings and experiences are not exclusive to an age group or stage of life either – two-thirds (67%) of employees say money worries affect their work performance.”

Claro Wellbeing

The LMS is available to organisations and workforces of all sizes via one of Claro Wellbeing’s bespoke financial wellbeing packages, which combines one-to-one coaching calls, live webinars, on-demand courses and opening banking tools.

For more information on Claro Wellbeing, the Workplace Today Report, its suite of financial wellbeing services, and the new Learning Management Service visit www.clarowellbeing.com.