insight
Evidence type: Insight i
Qualitative research is more exploratory, and uses a range of methods like interviews, focus groups and observation to gain a deeper understanding about specific issues - such as people’s experiences, behaviours and attitudes.
Quantitative research uses statistical or numerical analysis of survey data to answer questions about how much, how many, how often or to what extent particular characteristics are seen in a population. It is often used to look at changes over time and can identify relationships between characteristics like people’s attitudes and behaviours.
In 2016 the Financial Advice Market Review (FAMR) recommended that the Financial Advice Working Group should work with stakeholders to develop and promote a guide to supporting employees’ financial health. Wider research had demonstrated a rise in employees’ financial worries overall, as well as the effect that such concerns can have on employee health and performance. The proposed guide was intended to refer employees to existing guidance or to financial advice, and offer employees tools to help them understand their finances.
The project set out to consider how employers could create an environment to improve staff health, how to improve employer confidence in doing so, and how employers could encourage staff to use such services. The study focused on smaller employers (up to 50 full-time equivalent staff (but hoped to be relevant to larger employers). The project drew on a literature review, interviews with about 30 business leaders and experts, FAMR and Financial Conduct Authority experience. Between November 2016 and January 2017 it undertook five focus groups of eight employees, 200 employer interviews, and five focus groups of eight employers each. The sample covered all countries of the UK and was representative of target employer and employee segments.
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Financial well-being in the workplace: a way forward- full report