In the landscape of personal finance, debt can be a double-edged sword. While it can be a tool for achieving milestones like buying a home or funding education, excessive debt can lead to financial strain and insecurity. In the United Kingdom, the issue of personal debt has gained significant attention in recent years. In this blog we’ll discuss the scale of the problem, the impact on employees and how at Benefiz we help our clients support their employees. 

 

To comprehend the gravity of the situation, it's crucial to examine the numbers. According to the latest statistics, the level of personal debt in the UK remains substantial. The latest available figures as of June 2023, the average personal debt in the UK has reached £34,597 for adults, an increase of £1,187 since 2022. While this figure may fluctuate over time, it underscores a persistent challenge faced by many individuals and families across the nation. Step Change Debt Charity, a prominent player in the field, reported a staggering 620,000 contacts in the past year alone, extending assistance to over 180,000 individuals with comprehensive debt advice. According to Step Change, nearly a quarter of their clients attribute financial distress to the escalating cost of living. 

In an era where corporate responsibility plays an increasingly pivotal role, we decided to take a further step towards making a positive impact on the world by becoming a Certified B Corporation. This decision reflects our commitment to a higher standard of social and environmental performance, transparency, and accountability. 

We believe that success extends beyond financial gains and believe that we also have a responsibility to contribute to the well-being of both society and the planet. 

 

Read on to find out more.... 

PMI is a policy designed to meet some, or all, of the costs of private medical treatment for acute illness or injury on a short-term basis. It covers things like: 

• A private room at a hospital 

• Surgeons’ and other specialists’ fees 

• Outpatient treatment like physiotherapy 

• Day case treatment including surgical and diagnostic procedures. 

 

Since the outbreak of the pandemic, there has been a tremendous increase in pressure on the NHS. 

There are 7.77 million people waiting for NHS hospital treatment in England with nearly 3.29 million of these patients waiting over 18 weeks. In September 2019 before the pandemic began, those waiting more than 52 weeks for treatment stood at around 1,539 and is now nearly 254 times more at nearly 391,000. Source: NHS backlog data analysis (bma.org.uk). 

So there needs to be an alternative. PMI is bridging the gap and with NHS waiting times likely to remain high for a number of years, offering your employees this cover is fast becoming essential. Why… 

 

In today's rapidly changing business landscape, employee benefits technology has become an invaluable tool for organisations of all sizes. Whether you're a small start-up or an established enterprise, the digitisation of your employee benefits program offers numerous advantages. However, before delving into the realm of digital solutions, it's imperative to address some fundamental points: Why, Who, and What. In this blog post, we'll explore the key considerations for selecting the right employee benefits technology and understand why this is a critical step in maintaining competitiveness in the digital age. 

Believe it or not, there are some comparisons to be noted!