employee wellbeing
International Women’s Day is a global celebration held annually on the 8th of March to recognise the achievements of women in social, economic, cultural, and political fields. This year, the theme “Accelerate Action” reminds us that while progress has been made, there is still work to do-especially when it comes to financial equality for women.
At Employee Financial Wellness, we are proud to support women’s financial wellness in the workplace, ensuring you feel more confident and in control of your finances. We know that financial wellbeing isn’t just about how much money you have-it’s about having the knowledge and skills to equip you with the right tools to plan for the future that you deserve.
Understanding the Gender Pay Gap
While the gender pay gap has improved in Ireland, women still earn less than men on average. According to the CSO (2023), the mean annual salary for men was €60,816, compared to €46,915 for women. This pay gap often widens in women’s 30s and 40s, when career breaks for childcare and family responsibilities lead to more part-time work and fewer opportunities for career progression. The consequence here is if you earn less then you have less ability to save and prepare for your future.
Financial Stress at Different Life Stages
Additionally, many women experience financial stress due to life stages such as menopause. The physical and emotional demands of menopause can lead to increased healthcare costs and potential work disruptions. This can make it harder for women to stay financially stable, especially when they earn less than men and have fewer chances to grow in their careers.
Gender Pension Gap
According to the ESRI there is also a gender pension gap in Ireland of 35%. The average pension income per week for men being €433 and for women being €280. This gender gap was driven primarily by the difference in % who received a private/occupational pension- 55% of men compared to 28% of women.
These figures in the context of longer retirement are cause for concern. The average Irish life expectancy in 2031 for men is 83 and for women is 86 years of age with the number of people aged 65+ expected to double between 2021 and 2051. ** Auto-Enrolment is due to be introduced in 2025 as Ireland is currently the only country in the OECD without auto-enrolment. What impact this will have on the pension gap will make for interesting monitoring in the coming years.
How We Can Help You Take Control of Your Finances
At Employee Financial Wellness, we are here to empower you with the knowledge and support you need to make informed financial decisions. Here’s how we can help:
- Group Education Seminars & Webinars: We offer sessions tailored to women’s financial wellness, covering topics like the gender pay gap, investing, and financial planning. You can book these sessions through your dedicated portal page or watch the recordings at your convenience.
- 1:1 Financial Guidance: Our expert financial coaches provide personalized support, helping you navigate financial challenges and make the best choices for your future.
As a valued member of our Employee Financial Wellbeing programme, you have unlimited access to our webinars and one-to-one guidance clinics. Simply visit your dedicated portal page to register for upcoming sessions or book personalized financial support whenever you need it.
Let’s work together to accelerate financial equality and build a more secure future for women everywhere.
employee wellbeing
Valentines Day isn’t just about flowers, chocolates and romantic dinners, it’s also a great time to nurture your relationship with your money. Just like any great love story, achieving financial wellness takes commitment, patience, and smart decision-making.
Why Financial Wellness Matters to You
Did you know that more than four in five employees feel stressed about money? Rising costs and financial uncertainty are the root causes. And this stress doesn’t just stay at home—it follows you into the workplace, impacting your productivity, focus, and overall well-being.
Taking control of your finances and achieving financial wellness can have a huge impact on your life, both at work and beyond. By focusing on financial wellness, you can reduce stress and build a foundation for greater financial security, leading to improved mental health and a better quality of life.
How Financial Wellness Can Improve Your Life
Investing in your financial wellness isn’t just about managing bills—it’s about making smarter financial decisions that lead to peace of mind and a brighter future:
✔ Less Stress & Greater Peace of Mind: Financially secure employees experience lower stress levels, leading to better overall health and well-being.
✔ Stronger Financial Literacy: Financial education helps you make smarter decisions about saving & investing, retirement planning, and how to take full advantage of your benefits.
✔ More Control Over Your Future: By understanding your finances better, you can plan ahead for your goals, whether that’s saving for a home, education, or retirement.
Empower Yourself with Financial Wellness
At Employee Financial Wellness, we offer tools, education, and resources to help you take charge of your financial future. By embracing our Three-Pillar Approach—Understand, Educate, and Communicate—you’ll gain the knowledge and confidence needed to manage your money with ease.
Want Some Help and Guidance?
Remember as a member of our employee financial well-being programme you can register for webinars and book your one-to-one guidance clinics as often as you want on your dedicated portal page.
Employee Financial Wellness, employee wellbeing, Money Matters, Money Wise
Financial scams are on the rise and are more common in recent years than ever before. Scammers are now using more sophisticated methods to trick individuals and rob their hard-earned money and personal data. There are several types of scams circulating in Ireland today. According to the Central Bank of Ireland (2024), the most common type of scams are:
1. Investment Scams: These scams can occur when you are offered an “Investment Opportunity” promising a high interest return rate from your money that involves little risk.
2. Loan Scams: Loan scams are a type of “advance fee fraud” where scammers promise you a loan but require you to pay an upfront fee or administrative charge before receiving the funds.
3. Phishing Scams: Phishing is when scammers use emails, text messages or phone calls to trick you into giving them your personal information.
How to protect yourself from a fraudulent:
If you receive an unsolicited email, text message, phone call- or pop-up box online then we recommend taking the SAFE test first to protect yourself from these fraudsters (Central Bank of Ireland, 2024).
The SAFE test includes the following:
- S- STOP: stop think and ask yourself could this be a scam- Who? What? Why?
- A-Assess: Evaluate the information provided carefully and verify that the company is legitimate.
- F-Fact Check: It’s important to fact-check the offer and ensure it is from a trusted source.
- E-Expose and Report: Report the fraudster to the Central Bank or An Garda Síochána.
If you’d like more information about scams, please visit Here
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employee wellbeing
In today’s busy world, manging money has become more critical than ever. Financial stress is one of the leading causes of anxiety among working professionals, impacting not only their personal lives but also their productivity and engagement at work. This is where financial literacy and education play a crucial role in helping employees be prepared for the demands on their money.
What is financial literacy?
Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. It’s about having the knowledge to make informed decisions about your money. From understanding interest rates on loans and credit cards to knowing how to create a retirement savings plan, financial literacy equips individuals with the tools they need to have financial freedom and enjoy the lives they want to live.
As part of our workplace programmes, we conduct surveys with the workforce and we also commission independent research amongst employees in Ireland. These surveys and research provide us with insights into key areas that employees are struggling with in relation to their finances. Some of our findings from our last research included:
- 43% of respondents would not be comfortable paying for unexpected car trouble.
- 43% would not be comfortable paying an emergency bill.
- 39% would not be comfortable paying for a holiday.
- 36% would not be comfortable paying more into their pension.
- 29% would not be comfortable paying for college fees.
- 22% are or would not be comfortable paying their mortgage.
The findings do not apply to everybody but some of them may apply to you or someone you work with and are a worrying indication that financial struggles are more prevalent than ever before. In fact, our research suggests that money concerns impact 35% of respondents’ work lives by distracting them. However, we want to ensure you that you are not alone when struggling with money. There is help through understanding financial literacy and we can help through our leading financial well-being programmes.
How can our financial well-being programmes help you?
Our financial well-being programmes are designed to educate employees so that they can make good financial decisions now and into the future. Through our World Health Organisation approved promotional methods we help employees improve their financial health by teaching them how to connect their income and savings to the lives they want to live. We believe in prevention rather than cure.
To make the most of your Financial Education Programme make sure you access your financial portal and there you’ll be able to see your schedule of educational sessions, book into the sessions and book into your guidance calls.
Remember the programme is designed for you and your needs so no matter what career stage you’re at, early, middle, or late there’s valuable information available through your sessions and guidance calls to help you to make the most of your money.
Employee Financial Wellness, employee wellbeing
Taxation & Workers
- The USC will be cut from 4% to 3% on incomes of €25,000 to €70,000, the second consecutive reduction to the USC rate
- The national minimum wage will increase by 80 cent to €13.50 per hour from 1 January 2025
- Entry threshold to 3% rate increased by €1,622 to €27,382
- The main tax credits – the Personal, Employee and Earned Income Credits – will increase by €125
- The Standard Rate Cut Off Point will increase by €2,000 to €44,000, with proportionate increases for married couples and civil partners
- Inheritance tax will increase for all thresholds – Group A up from €335,000 to €400,000, Group B up to €40,000 and Group C up to €20,000
- Exemption from Income Tax, Capital Gains Tax and Capital Acquisions Tax on payments made to women impacted by CervicalCheck failures
- Free schoolbooks initiative extended to transition and senior cycle pupils
- Funding to continue for the school transport fee reduction and State exam fee waiver
- Continued reduction of student contribution fee by €1,000
- Once-off reduction of 33% in contribution fee for apprentices in higher education
- Post-graduate tuition fee contribution increase of €1,000 for student grant recipients
- Double payments of child benefit in November and December
- Double payment of the foster care allowance
- €400 lump sum payment for working family payment recipients
- €100 lump sum payment per child to recipients of qualified child increase payments
- National childcare scheme funding to rise by 44%, resulting in reduction of fulltime childcare costs by €1,100
- New ‘baby boost’ one-off payment of €420 for each newborn child from 1 January
- Free public transport to be extended to children aged five to eight
- 495 new beds to health services across hospital and community services
- Increased access to IVF and Hormone Replacement Therapy to be free of charge
- Increase in numbers working in health service
- 1,600 additional Special Needs Assistants (SNAs) & 768 extra Special Education Teachers
- 1,000 additional Gardaí & 150 extra Gardaí civilian staff
- 350 additional Irish Prison Service personnel
- 400 additional International Protection Office personnel
- Net increase of 400 Defence Forces members in 2025
- The rent tax credit offered to tenants will rise from €750 to €1,000, and to €2,000 for a jointly assessed couple
- An additional €1.25bn will be made available to the Land Development Agency, bringing the total amount of funding for the LDA to €6.25bn
- Help to Buy scheme will be extended until the end of 2029
- Properties worth over €1.5m to pay 6% stamp duty
- Existing 1% stamp duty to apply to values up to €1m and 2% above €1m
- Relief for pre-letting expenses for landlords extended for three years until the end of 2027 to help vacant property owners bring accommodation into the rental system
- Vacant homes tax increased from five to seven times the property’s existing base Local Property Tax rate
- Energy credit of €250 for all households to be paid in two equal payments, one before the end of 2024 and one after
- Proposal for the 9% reduced VAT rate for gas and electricity to be extended for another six months to 30 April 2025
- Further €300 lump sum payment to fuel allowance recipients in November
- Additional €200 for recipients of the living alone allowance
Increase in VAT Registration thresholds for businesses from:
- €40,000 to €42,500 for service only businesses
- €80,000 to €85,000 for goods and services providers
Excise Duty
- Cigarettes duty increased by €1.00 per pack of 20, pro rata increases will be applied for all other tobacco products
- E-cigarettes: introduction of 50c tax per 50ml of e-liquid to commence mid-2025
- Extension of Young Adult and Student Card to cover adults aged 19-25 to the end of 2025
- Free public transport will be extended to include children aged 5-8 for the first time
- €7.50 increase on current rate of carbon tax on petrol and diesel from €56 to €63.50 per tonne of carbon dioxide emmitted from 9 October
- Including VAT, carbon tax increase represents a rise of around 2.1 cent per litre of petrol and 2.5 cent to a litre of diesel
- Increase on carbon tax levied on other fuels, including home heating, to be brought in from May 2025
- Amendment for battery electronic commercial vehicles so people can qualify for €200 vehicle registration tax rate
- €12 weekly increase for Social Welfare Payments, including pensions
- A €300 lump sum payment for Fuel Allowance recipients will be paid in November
- Additional €200 will be paid for those in receipt of Living Alone Allowance
- €400 once-off payment for recipients of Carer’s Support Grant, Disability Allowance, Blind Welfare Allowance, Invalidity Pension and Domiciliary Care Allowance
- €400 once-off payment for recipients of Working Family Payment
- Carer’s Support Grant will increase by €150, to €2,000
€3 billion from the sale of AIB shares will be allocated as follows:
- €1 billion to Irish Water for non-domestic capital investment
- €1.25 billion to the Land Development Agency for the development of social and affordable housing
- €750 million for the development of the Electricity Grid Network
Sources include: rte.ie
Please note: There may be further changes to the above information following the Finance Bill. Every effort has been made to ensure that the information provided here is accurate and up to date (as of 1st October 2024). The information provided is of a general nature and may not address the specific circumstances of a particular individual. Employee Financial Wellness does not accept any liability arising from any errors or omissions.
employee wellbeing
In today’s fast-paced world, financial security and future planning have become very important to a lot of people. When it comes to our money, two key concepts often come up: savings and investments. While these terms are often used interchangeably, they represent distinct financial strategies with different objectives and outcomes. In this blog post, we will delve into the difference between savings and investments, their purposes, and how they can help us achieve our financial goals.
Savings:
Savings refer to the portion of our income that we set aside for future use. It acts as a safety net, providing a reserve of cash readily accessible during emergencies or to meet short-term goals. Savings typically involve depositing money in low-risk, easily accessible accounts such as savings accounts.
Key characteristics of savings include:
- Accessibility: Savings are highly liquid, meaning the funds are readily available for withdrawal whenever required, without any significant penalties or restrictions.
- Low risk: Traditional savings accounts in reputable banks are considered low-risk options, as they are often insured by government deposit insurance schemes. The principal amount deposited is usually protected.
- Minimal returns: Savings accounts tend to offer relatively low interest rates compared to other investment options. The primary purpose of savings is to preserve capital rather than generate significant returns.
Savings are suitable for short-term financial goals, such as building an emergency fund, saving for a down payment on a house, or accumulating funds for a holiday. They provide a sense of security and financial stability, but they may not keep pace with inflation over the long term.
Investments:
Investments, on the other hand, involve allocating funds with the expectation of generating a return or capital appreciation over an extended period. Investments are intended to grow wealth and outpace inflation, enabling individuals to achieve long-term financial goals such as retirement planning, funding education, or growing wealth.
Key characteristics of investments include:
- Risk and return trade-off: Investments come with varying degrees of risk, ranging from low-risk options like bonds to higher-risk options like stocks and real estate. Generally, higher potential returns are associated with higher levels of risk.
- Time: Investments require a longer time horizon, as they are designed to generate returns over the medium to long term. This allows investments to benefit from compounding, which enhances the growth potential.
- Diversification: Diversifying investments across different asset classes helps reduce risk. By spreading investments across stocks, bonds, real estate, and other asset classes, individuals can mitigate the impact of poor performance in one particular investment.
- Investments offer the potential for greater returns compared to savings accounts. However, they also carry a higher level of risk, as the value of investments can fluctuate due to market conditions and other factors. It is crucial to conduct thorough research, understand risk tolerance, and seek professional advice when venturing into investments.
Choosing Between Savings and Investments:
The decision to save or invest depends on an individual’s financial goals, time horizon, and risk tolerance. It’s important to strike a balance between short-term liquidity needs and long-term growth objectives.
For short-term needs and emergencies, savings accounts provide stability and accessibility. On the other hand, investing is more suitable for long-term goals, where the potential for higher returns can help achieve financial milestones over time.
Ideally, a comprehensive financial plan includes both savings and investments. Allocating a portion of income to savings while simultaneously investing for the future allows individuals to protect their capital, meet immediate financial needs, and build wealth over the long term.
Conclusion:
Understanding the difference between savings and investments is crucial for effective financial management. Savings act as a safety net, providing quick access to cash for emergencies and short-term goals. Investments, on the other hand, aim to grow wealth over the long term and outpace inflation. By balancing both strategies, individuals can safeguard their financial well-being in the present while building a solid foundation for the future. Remember, each individual’s financial situation is unique, so seeking professional advice is recommended to determine the best approach for achieving personal financial goals
