Financial Coaching & Wellbeing Workshops
Over the last few months the cost of living crisis has forced many of us to take a long, hard look at our finances in a way that we’ve never done before. People are looking to cut costs wherever they can and trying to remain sane whilst doing it.
Although mental wellbeing has been highlighted as important, many of us ignore our financial wellbeing and delay making tough financial decisions. As a result, people are suffering from poor financial wellbeing, which negatively impacts day to day activities, such as family time and work. 24% of UK employees worry about money every day, up 8% in a year. 40% reported that financial concerns were their biggest worry in 2022.
For an employer, absenteeism and presenteeism is rife amongst the workplace and financial wellbeing is a contributing factor. Did you know, £6.2 billion was the combined cost of absenteeism and presenteeism to UK employers? This was confirmed by employees as 29% of workers reported a drop in productivity of between 1 and 2 hours due to financial distress.
The solution? Well, almost two-thirds (63%) of employees want more help with their finances from their employer.
Salt & Light Financial Services are offering financial coaching and wellbeing workshops to as many as possible. As an employer, they hope the proposed workshops will help employees get a firm grip on their finances, now and in the future.
Sessions are at 9-11am, starting on Friday 15th September and run for 3 weeks (occurring every other week).
Week 1: Friday 15th September
Income v.s Expenditure
By looking at the 50/30/20 model, we will be able to determine a set methodology of spending money. We will discuss what amount to assign to necessary bills, whilst having enough to spend on ourselves and to save for the future.
How to Save Effectively
Carrying on from week 1, we’ll look at the ways to build sensible savings pots:
- Emergency Funds
- Short Term Savings
- Long Term Investments
Week 2: Friday 29th September
Identifying the Current Situation
By getting a firm grip of our income v.s expenditure as well as our assets and liabilities, we need to see where the land lies in regard to our current financial planning.
We will use our sophisticated cashflow forecasting to build an example financial plan. This will demonstrate how important it is to have an understanding of your current financial situation and whether the decisions you’re making today will help you achieve your future financial goals and objectives.
Planning for the Future
This session focuses on the actions that can be taken if your financial plan is not on track. With the aid of cashflow forecasting, we will explain the ways in which you can improve your current financial plan:
- Contributing more
- Taking more risk
- Extending the ‘time horizon’
- Changing expectations
Week 3: Friday 13th October
Mitigating the Risks
No financial plan is immune to risk. So, we will look at some of the risks that would knock your financial plan off course, such as:
- Loss of income due to illness or injury
- Death of a spouse/partner
- Long term care costs
We will then explain how to mitigate these with sensible financial planning practices.
Wealth Preservation
After spending a lifetime of carefully stewarding your money, what things do you need to consider when it comes to passing wealth to the next generation? We will consider some ways of ensuring that your money stays with your family and not with HMRC!
- Inheritance Tax
- Wills/LPA (Estate Planning)
- Trusts
- Investments & Pensions
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