Why was the Financial Wellbeing Toolkit Created?
The Scottish Government aims to reduce child poverty across the country, with ambitions to lift 140,000 children out of poverty by 2030. As child poverty, childcare and employability are interlinked, the Young Person’s Guarantee Employer Advisory Group and the Youth Leadership Panel suggested introducing a guide for employers to encourage consideration of employees’ and applicants’ financial wellbeing.
With the current cost of living and general uncertainty for the future, the Financial Wellbeing Toolkit aims to assist employers from businesses/organisations of all sizes and sectors, providing guidance on how to best support and consider the financial wellbeing of young employees.
It is important that employees can seek advice on the following issues discreetly and anonymously, whilst maintaining dignity. Such support should be available and accessible to all employees from all backgrounds, regardless of whether they have indicated a potential need for support or not. Making support and advice readily available can increase loyalty amongst employees within your business/organisation, and therefore contribute to a healthy workplace where employees feel valued. There are many areas in which employees/applicants could be financially limited in what opportunities they undertake. Financial limitations can often include (but are not limited to):
Were you aware of any of the barriers discussed above? If not, hopefully this post provided insight to challenges faced by many people entering the world of work, and more importantly, we hope that it inspired you to consider ways in which you can improve the financial wellbeing of current employees and potential candidates. Each of the barriers featured in this article are discussed in more detail throughout the Financial Wellbeing Toolkit. You can download the toolkit from the Young Person’s Guarantee Employer Hub.
On 6th June, DYW held the #YPAG23 (Young People are Great 2023) campaign, which aims to highlight the achievements and resilience of young people. On campaign day, DYW Scotland celebrated two Career Ready mentees who assisted in the creation of this toolkit. Once again, DYW would like to thank the two individuals for their hard work.