Barclays has announced it has joined forces with The Positive Ageing Company to deliver an online tool to help employers support the differing financial needs of today’s multi-generational workforce.
The solution provides employers the opportunity to address and support the challenges of ageing – a timely offering given that total expenditure on long-term care services is set to consume 2.3% of GDP by 2030, and in light of a new report that states there will be more than two million people aged 65 and over with no child living nearby to care for them.
The online tool offers an extensive range of informative articles and action plans specifically for the Baby Boomer generation (born 1945-1960), who are preparing for retirement and Generation X (born 1961-1980), today’s ‘Sandwich Generation’ who are increasingly feeling the strain of supporting ageing relatives and children, with more than 1 in 4 reporting that the strain of caring has taken a toll on their work. Together, these generations make up 68% of today’s workforce in the UK and Barclays’ extensive research shows that they have differing aspirations, concerns and priorities when it comes to managing their finances.
The easy-to-use tool sits within Barclays’ ‘Money Works’ site and offers information and advice for every stage of later life. This includes guidance on how to find out about the cost of care homes for those employees caring for ageing relatives, right through to advice for Baby Boomers on how to assess monthly outgoings to ensure they are prepared for retirement.
Katharine Photiou, Head of Workplace Savings at Barclays Corporate & Employer Solutions said: “Our research highlights the various pressures facing Generation X. Not only are their children living at home for longer, they are often also responsible for caring for ageing parents, and many people are working for longer than they have previously. Employers need to realise they have a role in providing support and guidance – this new solution has been designed to help them start to achieve this by showing a real awareness of the financial challenges faced by employees throughout their careers.
“We’ve chosen to work with The Positive Ageing Company to deliver this tool as we agree with their belief that ageing should not be a grey and gloomy subject which people avoid talking about in the workplace. Instead, giving employees the opportunity to address their concerns and turn them into practical and realistic solutions is a much more productive way of working and can ultimately have a positive effect on employee engagement.”
Chris Minett, Director at The Positive Ageing Company said: “Organisations are increasingly recognising the impact that ageing issues are having on employees and their families – and the business case for offering positive and proactive benefits that enable employees to better prepare for and better manage personal and family ageing issues. We are very pleased to be working with Barclays and to have our AgeingWorks tool included within their innovative ‘Money Works’ service. We at The Positive Ageing Company are about changing the way people and organisations think and act about ageing. The massive challenges our ageing society and workforce present to families and business is becoming increasingly clear.”
The online solution has been designed using The Positive Ageing Company’s web-based platform, AgeingWorks.