Employees to take time out for finances
Employers have been encouraged to help "financially educate" workers and enable them to explore options including life insurance and critical illness cover.
As My Budget Day approaches on November 21st, an AXA roundtable debate concluded that such financial education would contribute to improving the nation’s finances.
"My Budget Day does not involve any product push. Employees are left to their own devices and can draw their own conclusions on what they should do next," explained Paul Evans, the life insurance provider’s chief executive.
AXA wants employers to help their employees "kick-start the financial planning habit" by allowing them to spend the first hour of My Budget Day reviewing their finances in the workplace.
A report from fellow provider Norwich Union recently showed that many Britons do not give enough thought to safeguarding their financial futures through solutions such as life insurance, critical illness cover or unemployment protection.
According to AXA, which has already pledged an hour to its 12,000 employees for them to re-evaluate their financial health, money is one of the major causes of stress for adults and as such it is a major cause of employee absenteeism, with the annual cost of stress to UK plc estimated at around £9.6 billion.
The Insurance Helpline specialises in obtaining cover for people living with medical conditions
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