Frequently Asked Questions About Financial Wellness
Find answers to common questions about employee and personal financial wellness, including financial education, financial assessments, financial products, budgeting, debt, financial behaviour and ongoing support.
Employee Financial Wellness FAQs
What is employee financial wellness?
Employee financial wellness is about helping employees better understand and manage their finances so they can make more informed financial decisions, reduce financial stress and improve their overall financial wellbeing.
Why should organisations offer financial wellness to employees?
Financial challenges can affect employees beyond their personal lives. Financial stress can make it harder for employees to focus at work, manage responsibilities and perform at their best. An employee financial wellness programme gives employees access to practical support that can help them better manage their financial circumstances.
How can financial wellness support employee performance?
Employees dealing with financial stress may struggle to concentrate on work or may need to spend time dealing with personal financial issues. Financial wellness support helps employees gain greater clarity and control over their finances, which can contribute to reduced financial stress and better focus at work.
What does an employee financial wellness programme include?
The programme can address areas such as financial education, budgeting, cash flow, debt, savings, financial products, financial behaviour and personal financial goals. The specific support can be tailored to the needs of the organisation and its employees.
Is employee financial wellness only about financial education?
No. Financial education is one part of financial wellness. Employees may also need help understanding their financial position, managing financial behaviour, evaluating financial products and working towards their personal financial goals.
Can financial wellness support employees at different income levels?
Yes. Financial challenges and financial goals differ from person to person. Financial wellness support can help employees understand and manage their finances regardless of their income level or financial situation.
Can organisations tailor the programme to their employees?
Yes. Employee financial wellness programmes can be structured around the needs of the organisation and its workforce, including relevant financial education and individual support.
Does the employer get access to an employee's personal financial information?
Employee financial circumstances are personal. The level of information shared with an employer should be clearly defined as part of the programme, with appropriate confidentiality and privacy considerations.
Can employees receive individual financial support?
Yes. Employees can receive support that is relevant to their individual financial circumstances, questions and goals.
How is employee financial wellness different from traditional employee benefits?
Traditional benefits often provide specific financial or employment-related benefits. Financial wellness focuses on helping employees understand and manage their broader financial circumstances and make better-informed financial decisions.
Personal Financial Wellness FAQs
What is personal financial wellness?
Personal financial wellness is about understanding your financial position, financial behaviour, financial products and goals so you can make better-informed financial decisions.
What is a financial wellness assessment?
A financial wellness assessment considers relevant aspects of your financial situation, including cash flow, spending, savings, debt exposure, financial products, behaviour and goals.
Is this financial planning?
Consult Centa’s personal financial wellness service focuses on helping you understand your financial circumstances, products, decisions and goals. Where a specific regulated financial planning or advisory service is required, the appropriate service should be confirmed based on your circumstances.
Can you review my existing financial products?
Yes. The engagement can include understanding the costs, benefits and use of existing financial products and considering whether switching or exiting should be explored.
Can I discuss a financial product before taking it?
Yes. Understanding a new financial product, including its costs, benefits and implications, is part of the financial wellness engagement.
Is the service only for people experiencing financial problems?
No. Personal financial wellness can also help people who want greater clarity around their finances, financial products, behaviour and future goals.
Can financial wellness help me manage my budget?
Yes. Financial wellness can help you understand your income, expenses, spending patterns and cash flow so you can make more informed decisions about your money.
Can I get help with managing debt?
Debt can form part of a financial wellness assessment. The engagement can help you understand your debt exposure and consider your broader financial position and available options.
Can I receive ongoing support?
Yes. Engagements can be once-off or continue over multiple sessions depending on your needs.
Who can use personal financial wellness services?
Personal financial wellness can be useful for anyone who wants a clearer understanding of their finances, whether they are managing financial challenges, considering financial products or working towards specific financial goals.