Making the most of personal finances
According to research reported recently on fenews.co.uk, ‘98% of employers believe that their employees’ financial wellness has a direct impact on their business performance – especially concerning employee productivity (67%) and engagement (62%).
Employers do have do have some responsibility in educating and supporting colleagues by providing access to advice and information regarding salary, pension contributions etc., but this signifies a larger societal problem with access to practical knowledge and skills around preparing for life and work in general.
Speaking about the Future of Pay research, Jeff Phipps, Managing Director at ADP, said: “With the latest Office for National Statistics (ONS) report showing that labour productivity in the UK has declined between January to March 2019 for the third consecutive quarter, employee efficiency is paramount to improve this economic climate. Our research shows that employers need to explore all avenues to improve employee efficiency including alleviating their concerns about personal finances. “
Personal finances can be a huge cause of stress and trigger significant mental health issues, and, in times of uncertainty, whether that be economically or personally, it may provide people with much needed peace of mind to know and understand how to practically manage key areas of their lives. We believe access to education on topics such as this is the answer and encourage employers and individuals to engage in training on issues such as this.
The NCFE Level 1 Award in Managing Your Money (601/3558/X) provides learners with the knowledge and skills required to manage personal money and to anticipate future needs and wants. It also helps learners to use the knowledge gained to help their own personal financial circumstances and to reduce financial exclusion.
The unit is designed to provide learners with the knowledge required to manage their personal finances, compare goods, products and services, and understand credit scores. Through studying this qualification, people are able to understand the importance of shopping around when buying financial products and services and the need to plan and review finance and savings plans.
We like to provide our customers with the opportunities to better their lives through learning and short, practical qualifications like this help to give them the confidence, knowledge and skills to plan better and maximise their personal circumstances.
You can find out more about the qualification, and others like it, here: https://www.qualhub.co.uk/qualification-search/qualification-detail/ncfe-level-1-award-in-managing-your-money-4133
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