What are the best ways to guide my employees’ financial future?

In this latest iteration of our Work and Wealth Watch series, where money coach Luca Caruana gives his expert responses to all your questions related to money, work and wealth, we explore the psychology behind a healthy approach to personal finances.

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Dear Luca,

As the Managing Director and 100% owner of my firm, I strongly believe in looking after the financial security of my employees. I am an avid follower of investing and have experienced the benefits of compound interest myself, having started investing from a very young age.

My young workforce is not very financially literate, and the only investment I have heard them talk about is Bitcoin. There is little knowledge of any saving schemes, and I do feel it is my responsibility to lead them in a better direction.

I have been in contact with several investment providers to come and do educational talks with my team members. Yet, I am a bit concerned that a particular investment product might be overly promoted, turning it into more of a selling pitch rather than a set of meetings where the staff can discover what is best for them personally.

Looking forward to your guidance

Protective Owner

Luca Responds

Dear Protective Owner,

I must say your staff is extremely lucky that they have a boss like you who genuinely cares for their financial wellbeing.

Coming to your concern, there are several investment providers out there, and they will obviously talk about their products if they come for a meeting. It might sound biased, but it makes perfect sense given the time they are dedicating to giving this financial educational talk or to meeting your staff.

Nowadays, there are also independent financial educators who offer unbiased talks and seminars. These professionals can provide a broad overview of different investment strategies without pushing a specific product, which might be beneficial for your team.

Additionally, I would recommend that when talking to such providers, you request qualified personnel. You might find representatives who don’t know much about investing, being primarily a salesperson rather than an investor first. It’s crucial to ensure that those who educate your staff are knowledgeable and experienced in the field.

Furthermore, you could consider organising workshops or providing access to online courses that cover the basics of financial literacy. This way, your employees can gain a solid foundation and make more informed decisions about their financial futures.

I hope that helps.

Luca,

The Money Coach, from the Money Coaching Hub

CEO & Founder of Monipal