State of Financial Wellbeing at the workplace report FY 2023-24

Executive Summary

Financial wellbeing is crucial for employee productivity and satisfaction. This report analyzes the financial challenges, habits and needs of corporate employees based on Finsafe India’s FY 2023-24 survey.

Key Findings

1) Top Financial Challenges
2) Saving Habits
3) Emergency Preparedness
4) Investment Preferences
5) Learning Needs
Trend Evolution (FY 2021-22 to FY 2023-24)
Recommendation
  1. Prioritize unbiased financial education programs with a structured approach over ad-hoc sessions.
  2. Drive financial wellness initiatives from the leadership level.
  3. Allocate a high-priority budget for employee financial wellbeing.
  4. Provide diverse learning resources and counselling services.
  5. Encourage better personal financial management through gamification and friendly competitions.
  6. Educate employees on making informed investment decisions amidst speculative information, influencers, and unregulated scheme in the equity markets.
Conclusions

Our findings reveal a workforce eager to secure their financial future, yet often lacking the tools and knowledge to do so effectively. By championing comprehensive financial education and wellness programs, and addressing preparedness gaps through targeted initiatives like counselling, employers have a unique opportunity to transform their workforce, boosting overall company resilience.

Disclaimer:
The “Financial Wellbeing at the Workplace Report FY 2023-24” has been compiled by Finsafe India based on data collected from a survey conducted among various workplace participants. Finsafe India is a financial education company that provides training and does not sell any financial products. The information and analysis presented in this report are intended for informational purposes only and do not constitute financial advice. While every effort has been made to ensure the accuracy and reliability of the information provided, Finsafe India does not guarantee the completeness, correctness, or currentness of the data. Finsafe India disclaims any liability for any direct, indirect, or consequential loss arising from any use of the information contained herein.
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