Using financial skills to drive social change

Social mobility is going backwards in the UK for the first time in 50 years, with many people facing barriers to upward economic movement due to a lack of access to education and skills. 

If you’re committed to supporting social mobility in your workplace, integrating financial skills training into your workforce development strategy is essential.

The skills gap and social mobility

Are you recruiting from a diverse talent pool but not providing the right tools to enable their success? The skills gap in the UK workforce is a significant barrier to social mobility. 

Not everyone grows up in a family that talks about business, politics, and finances, which can make it harder for those from lower socio-economic backgrounds to navigate the complexities of business and personal finance. 

The impact of financial skills

Financial skills play a key role in closing the skills gap and promoting social mobility. By providing training that empowers your people with the knowledge and skills to manage their finances, you can support them to make better financial decisions, plan for the future, and pursue opportunities that can lead to economic advancement. 

Offering financial training as an employer is not just a way to develop your workforce; it’s also a way to demonstrate your commitment to your people and drive social change. 73% of financially stressed employees say they would be attracted to another employer that cares more about their financial wellbeing. 

Companies that invest in the financial education of their employees, particularly those from underrepresented or disadvantaged groups, help to level the playing field. This can lead to a more diverse and inclusive workforce, which drives innovation and business success.

The broader implications 

Acquiring financial acumen skills can have a ripple effect, extending beyond individual employees to benefit their families and communities. As more people gain the skills to manage their finances effectively, the overall financial health of our society improves. This can lead to greater economic stability, reduced poverty, and increased social mobility across the UK. And with the UK less financially literate than our European counterparts, we can’t afford not to act.

By giving your people the knowledge they need to manage their finances and pursue opportunities for growth, your company can create a more equitable society.

Investing in financial acumen is not just good for your business and your people - it’s good for our future.

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