Introducing a new Wellbeing Sub-Committee to the Irish ProShare Association family (“IPSA”)
At IPSA they are ever striving to improve their overall service and the support they give to their members and their employees, that is why they are launching a Wellbeing Sub-Committee at their AGM in July of this year. There are many triggers for this new sub-committee, one of them being the research carried out by IPSA member YBS Share Plans, part of Yorkshire Building Society, an extract of which is shared below.
Some of the key findings are startling and all Council members felt that they had a duty of care to ensure Wellbeing (in whatever form) had profile in Ireland, enabling them to influence change:
- 29% said that family were their main source of advice
- 35% only save into the UK Save As You Earn Scheme (“SAYE”) Sharesave)) that is offered by their employer (they have no other savings)
- 3 simple questions were asked around financial literacy only 9% of those who saved into a Sharesave Scheme answered correctly, where financial education had been offered in the workplace this increased to 15% Source: 2016 SAYE survey, Leeds and Durham University Business Schools
- 16.8m work aged Brits have less than £100 in savings (circa 114 euro) Source: Money Advice Service, September 2016.
- The average debt is up 26% to £3,600 (circa 4115 euro) since Q1 2013 Source: Bank of England, Office for National Statistics, October 2016.
IPSA Wellbeing Sub-Committee, in collaboration with YBS Share Plans, aims to gather data from Irish SAYE and Approved Profit Sharing Scheme (“APSS”) participants to provide similar insights for the Irish employee base, so that they can incorporate in any recommendations and challenges into existing Government policy and thinking. Our vision is to work with companies and individuals to shape easy access to financial education so that people are able to make decisions that are right for them and ultimately support their overall wellbeing.
If you would like to be involved, learn more or wish to share ideas on how the team should shape this new initiative, then please reach out to IPSA Council members Caroline Herity (Mercer) email: Caroline.Herity@mercer.com or Louise Drake (YBS Share Plans) email: email@example.com who are jointly heading up this new initiative for IPSA members.