FAQs

About financial wellbeing

• What is financial wellbeing?

  Financial wellbeing is an outcome achieved when we become financially healthy – and feel less stressed about money and more in control.

• Why is financial wellbeing important for employees?

  When we are stressed about money at work, we don’t perform our best. Money is often the one thing standing between an individual and their life dreams. So, feeling like our money is supporting us in, not impeding us from, achieving our goals is important for our mental health.

• How do you measure financial wellbeing?

  You can use Claro Wellbeing to measure the financial wellbeing score of your organisation. Or, if you choose a one-off webinar or workshop, we can conduct both pre- and post-session surveys of your people to give you a gauge of their financial wellbeing.
  
  Alternatively, you can conduct similar anonymous surveys internally.

• How should I roll out a financial wellbeing programme at my organisation?

  There’s no one-size-fits-all approach to this. But we find involving the right stakeholders – including line managers across the organisation – and choosing the right communication channel and format are essential. If you choose our financial wellbeing platform, we can guide you through this process, based on your organisation’s nuances and requirements.

• How do I make the case for a financial wellbeing programme internally?

  Build a case for the problem (be it poor financial health or low employee retention) in your organisation – for example, you can gather and present relevant data from our latest financial wellbeing report. Communicate this information to your internal stakeholders. Then, propose your solution, detailing how it solves the problem(s) you’ve set out.
  
  Make sure to spell out the outcomes you want to achieve for your organisation and people. We’ve helped a number of organisations manage these conversations internally.

• How can a person’s financial situation affect their wellbeing?

  Studies show that struggling with finances negatively impacts an individual’s wellbeing.
  
  At Claro Wellbeing, we believe in the same mission as leading mental health and wellbeing providers. Our approach is complementary, though, in that we help people target one major root cause of poor wellbeing: financial stress. We recently partnered with The Money Charity and Mental Health UK to produce a report that investigates the link between money and mental health.
  
  Our financial coaches are highly qualified, trained professionals, who care passionately about using their financial and coaching knowledge for the greater good. They’ve helped hundreds of people transform their wellbeing, by guiding them back to the steering wheel of their personal finances.

• Should we increase salaries?

  According to HR Review, only 8% of businesses have increased salaries amid the cost of living crisis.
  
  Increasing salaries company-wide is a significant commitment, which warrants taking into consideration a number of factors, like projected revenue, total FTE and average salary.
  
  In many cases where pay rises are simply not possible, Claro Wellbeing and its expert financial coaches can provide support right across the organisation – especially to those who are significantly impacted by the recent rises in the cost of living.

• How should we support employees through the cost of living crisis?

  Claro Wellbeing’s financial coaches can support your team through the cost of living crisis. Their guidance can be completely tailored to your employees’ needs, either through one-to-one sessions or group webinars.
  
  Further to this, there are a number of government initiatives that our coaches can guide your team through, along with other support and finance tips amid the cost of living crisis.

• Which metrics should we be measuring?

  In the Claro Wellbeing platform, you can measure:

  • Benefit adoption rate – are people using the benefit?
  • Employee engagement rate – are people getting value out of the benefit?
  • Team financial confidence score – is financial health and resilience getting better?

   

  Our built-in platform analytics also provides you with metrics at a more granular level – for example, webinar engagement rates, number of emergency funds set up, number of wills written, number of coaching calls taken and much more. If there is a specific metric which is important to your business, we will work together with you to measure it.

  
  Outside of the platform, we recommend measuring your employee attrition rate.
  
  If you’re already use a different financial wellbeing provider, you should compare the employee retention rates for those who use the platform and those who do not.