Businesses in Wales can discover simple ways to improve financial wellbeing of staff at online event

Employers in Wales are being urged to consider simple solutions to improve the financial wellbeing of their staff at an online event on 22 February.

The event, hosted by the Federation of Small Businesses (FSB) and featuring speakers the Minister for Social Justice, Jane Hutt, and Rhian Hughes from the Money and Pensions Service, is set to look at simple salary saving solutions with Moneyworks Wales – a free salary savings scheme used by more than 150 employers.

The Welsh Minister for Social Justice, Jane Hutt MS, said that “many of us will need support at some time in our lives”, adding that she would “strongly encourage employers to work with their local credit union to better support their staff financially, and beyond”.

FSB's Senior Development Manager for Wales, Mike Learmond, said: “Helping employees to improve their financial wellbeing and providing the means to do so can positively impact the business itself. The CIPD found that one in four workers said that money worries had affected their ability to do their job.”

Employers that sign up for Moneyworks Wales can offer staff the opportunity to save or borrow and make deposits direct from their salary – much like national insurance or income tax – before it reaches their bank account.

The scheme has the backing of Welsh Government and, once a business becomes a payroll partner, staff can sign up to save or borrow through the Moneyworks Wales website, where they can also access interactive budgeting tools and tips to help them manage their money better designed by experts at MoneyHelper.

Moneyworks Wales is a collaboration between 10 not-for-profit financial cooperatives, businesses already using the scheme include Legal & General, Admiral Insurance and Airbus.

To find out more and sign up at www.fsb.org.uk/event-calendar/promoting-employee-financial-wellbeing-in-wales-through-salary-saving.html?aff=PTNRS