Insurance provider AXA is calling on all UK employers to make a commitment to helping employees take control of their finances by giving them one hour off work to spend on personal money management.
In November AXA will launch My Budget Day – a national programme designed to encourage all UK adults to commit one hour a month to sorting out their finances.
The company has pledged this to its 12,000 UK employees and is asking other employers to do the same.
The initiative is supported by both the CBI and the UK’s largest union, Unite.
Richard Lambert, CBI director general, said: “My Budget Day is a breath of fresh air and should be seen as a new and innovative way for employers to engage with their workforce. It is a brilliant example of corporate responsibility in action and shows how an employer’s role really can extend beyond getting the job done”.
AXA has piloted the scheme among employees working in its Bristol and Bolton offices. Employees were given an hour while at work to review and manage their finances – for example, work out their monthly budget, explore cheaper credit card deals, and research the best savings options.
Sonia Wolsey-Cooper, AXA’s group HR director, said: “We’ve been doing a great deal of work at AXA to explore how individuals can improve their financial situation.
“Encouraging individuals to find this hour is difficul so we decided to offer it to employees while they are at work. If we, and other businesses, can demonstrate to our employees how valuable just one hour can be, they are more likely to try and find the time themselves in the future.”
From this week all employers will be able to access an online information portal designed to help them take part in My Budget Day.