Employers called to action to help employees take control of their finances

23rd September 2007

AXA is calling on all UK business owners to make a commitment to helping employees take control of their finances by giving them one hour off work to spend on personal money management...

 In November AXA will launch My Budget Day– a national programme designed to encourage all UK adults to commit one hour a month to sorting out their finances.  AXA believes that employers are in a unique position to help individuals kick start this programme by giving them an hour of work time – it has pledged this to its 12,000 UK employees and is asking other employers to do the same.

The initiative is supported by both the CBI and the UK’s largest union, Unite. And from this 24th September all employers can able to access a unique online information portal designed to help them take part in My Budget Day. This is available at www.axa.co.uk/mybudgetday

David Fleming, Unite National Officer, said: “The link between workplace stress and money is established.  Indeed, the biggest cause for the UK’s stress and depression is money worries. Stress affects around 20 per cent of employees in this country, so helping employees to get to grips with their finances will improve a company’s chances of enjoying the benefits of a stress-free workforce.”

My Budget Day is designed to help employers go some way to reducing the cost of stress on their business while helping employees to feel more in control of their finances.  As well as improving levels of stress, initiatives like this are also expected to improve general employee motivation as individuals feel they are working for a company that is interested in their general wellbeing both in and outside of the workplace.

Richard Lambert, Director General of the CBI, said: “Stress related illness accounts for almost three quarters of all workplace absence and is believed to cost UK plc around £3.7 billion a year in lost productivity and healthcare costs, so anything that can be done to reduce it is to be welcomed.

“My Budget Day is a breath of fresh air and should be seen as a new and innovative way for employers to engage with their workforce. It is a brilliant example of corporate responsibility in action and shows how an employer’s role really can extend beyond getting the job done”.

AXA has piloted the scheme among employees working in its Bristol and Bolton offices.  Employees were given an hour while at work to review and manage their finances – for example, they used the time to work out their monthly budget, explore cheaper credit card deals, and research the best savings options.

Sonia Wolsey-Cooper, AXA’s HR Director, commented: “We’ve been doing a great deal of work at AXA to explore how individuals can improve their financial situation.  A key learning from AXA Avenue* was that people really needed to spend just one hour a month on their finances to gain a clear understanding of their budget and how they can make the most of the money they have.

“Encouraging individuals to find this hour is the difficulty so we decided to offer it to employees while they are at work.  If we, and other businesses, can demonstrate to our employees how valuable just one hour can be they are more likely to try and find the time themselves in the future.”

AXA is encouraging businesses to take part in My Budget Day which will take place on  21 November this year.  It is calling for UK HR directors and business owners to start thinking now about how they can make the scheme work for their employees. 

Sonia Wolsey-Cooper continued, “As employers we can play a real part in helping individuals recognise the value of this hour and by doing so profit from a variety of associated benefits such as enhanced workplace motivation and employee retention.  The reaction from employees who took part in the pilots has been hugely positive with many saying that this campaign made them feel proud to work for us.
 
“We appreciate that businesses will feel this is a big ask of them but with a little thought and preparation it really is possible to make this work.”

AXA has set up a dedicated “Information for Businesses” section on the My Budget Day website (www.axa.co.uk/mybudgetday) which provides all the details an employer needs to roll out a financial education programme in their workplace.

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