Last week we were excited to host a breakfast roundtable, ‘Financial education – Disrupting the norm’ at our offices in Canary Wharf. We love spreading the message about financial wellness, getting out there and connecting with people.
One of the things we know from personal experience is that financial clarity brings financial freedom. In a world that can feel increasingly unstable, getting clear about your financial vision and taking steps to move towards it can create feelings of positivity and stability. We all want to have the ability to absorb shocks should they come, from a broken boiler to a bereavement.
Moving aside the topic of shocks- what do you do if you know a change is coming? A big life change. And how do you plan for it? With our lively group of attendees, the topic that kept coming up was the biggest life change of all- planning for a family.
Planning for a family
Taking into account current rates for statutory maternity pay and at the same time the cost of providing for a new-born, having a child will affect for finances for the foreseeable future. Oftentimes women are in debt after having children and are often forced to come back into the working environment sooner than they feel they can – both mentally and physically. Our thoughts are – forewarned is forearmed. If you are thinking about starting a family, it is worthwhile looking into how much statutory maternity pay you are likely to be able to claim.
At this point it’s important to consider other factors, the cost of childcare can factor into a decision
to be a stay at home parent. Historically the majority of stay at home parents have been mothers,
this has seen women take a significant hit to their pension pot due to time spent out of the
Saving as far in advance as possible is the way to go. It’s also worth asking the following questions – where is the best place to put my money? How swiftly will I need to access it? What are the interest rates on any savings product I am using?
Having a baby is an all-consuming, exhausting, exhilarating, emotional, incredible life change- doing the financial planning in advance can ensure you are present to experience life in the moment with your baby, rather than worrying about making ends meet.
Poor financial wellbeing and mental health
Another resounding topic that was discussed was the impact of poor financial wellbeing on mental health and how the two feed off each other. People with poor financial wellbeing are likely to experience mental health problems and vice versa.
The underlying message here was that companies need to focus on tackling both Mental Wellbeing and Financial Wellbeing at the same time. Financial wellbeing needs to move to the top of the agenda alongside Mental Wellbeing to ensure the cycle of poor mental health and poor finances is broken. In conjunction with C and I wellbeing, we have designed a workshop to tackle this pressing concern for you and your business. Get in touch to find out more about our workshop – RegainingControl, My Money and Mental Health.
We need to normalise talking about money at work. We need to normalise talking about money at home. Some of our children are growing up in the contactless, cashless era and thus do not even get to handle physical money day-to-day to appreciate its presence, value and absence. Alongside normalising talking about money, we need to provide the necessary support to help individuals come out of the financial rut they find themselves in or to just regain control of their financial affairs. Part of that will require educating HR teams and management to support these conversations in the workplace whilst aligning themselves to companies like ours, who have programmes and tools in place to help empower individuals to achieve their financial goals within their present circumstances whilst planning for financial security for the future.
We are interested in continuing this conversation with you so please feel free to contact us at
[email protected] to discuss what we are seeing and doing within the Financial
Wellbeing space and how it can benefit you and your organisation.
If you are interested in attending our workshop RegainingControl, My Money and Mental Health please email [email protected] to secure your place.