“Fringe benefits – discounted food, cycle to work schemes, season ticket loans, free eye tests," he said. “All of these small things cumulatively can make a huge difference to someone’s financial wellbeing.”
Graham James, director at employee benefits consultancy Pluxee UK said its research had shown that employees can potentially benefit by up to £1,679 through cashbacks and savings offered by employer-provided schemes.
“Additionally, investing in benefits such as employee assistance programmes and access to independent financial advice is crucial. These measures not only reduce stress for employees, but also play a vital role in attracting, retaining, and engaging talent.
“Anonymous employee engagement surveys and one-to-one conversations provide valuable insights that help decision-makers understand the issues at hand.”
Signpost financial advice
James Tucker, chief executive of Twenty7tec, said companies should make use of financial planning tech, such as apps to keep their staff engaged in longer term planning.
He said: “Often people, who haven’t had financial advice, worry that it’s only available to a certain wage bracket but this is far from the truth. Thanks to advances in technology, financial advisers can offer much more tailored advice to all people.
“And this financial advice comes in handy, especially when people have concerns over their finances.
"The bottom line is that advisers have a crucial role when financially challenging times arise because advice becomes more important than ever.”
Samantha Downes is a freelance financial journalist
