What kind of financial-related help do employees want?
A majority of young Singaporeans are less likely to leave their organisation if it helps them become financially prepared, according to a new report
The Wealth & Wellbeing Report from Endowus and Intellect surveyed 1,000 Gen Z and millennial employees in Singapore and Hong Kong to determine the impact of financial wellbeing on workplace outcome.
In the report, 71% of Singaporean respondents agreed that they are less likely to consider leaving their employers if it offered initiatives to help them be financially prepared.
Some of the highly desired initiatives by Singaporean employees include:
- financial wellness workshops (34%)
- personal finance interest groups (33%)
- financial literacy training sessions (34%).
"This sentiment is echoed particularly strongly among Millennials, with 35% expressing a preference for both financial wellness workshops and financial literacy training," the report read.
Another 35% of Singaporeans want their employers to offer mental wellness workshops, which the report attributed to the respondents' growing understanding on the connection between mental health and financial wellbeing.
"Rather than seeing these two dimensions as mutually exclusive, organisations can look to offer mindfulness training sessions focused on financial stress reduction techniques and provide access to counselling services that specifically address financial anxieties and their impact on mental health," the report read.
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Source: Wealth & Wellbeing Report from Endowus and Intellect
Benefits of financial preparedness
The findings come as 83% of Singaporeans currently feel financially prepared, according to the report, which also found various workplace benefits related to it.
One of the benefits respondents agreed on is that being financially prepared would make them less distracted and more productive at work (78%). They said good financial preparedness would make them feel more satisfied in their job (82%).
Other benefits stemming from financial preparedness include:
- Feeling encouraged to have a growth mindset to seek out opportunities for learning and personal growth (88%)
- Having positive impact on self-esteem and sense of personal value (86%)
- Feeling more resilient to setbacks and challenges in life (85%)