If you’ve just appointed your first fresh-faced Gen Zeds to your staff (anyone who’s just out of school and are aged 15-19), you could have up to five different generations to manage at work. In fact, these days, it’s not at all uncommon to have a wide range of generational diversity.

From veterans to young guns

At one end of the spectrum, you might have a handful of veterans from the Silent Generation who continue to work long past the age of retirement. At the other, your newly appointed Gen Zeds are bringing a fresh wave of innovative and creative thinking to your business.

And in between, you’ve got Baby Boomers, Gen Xers, and Millennials, all working together.

If you’ve got the balance right, your industry veterans are working in tandem with your newcomers along with more experienced workers in an environment where everyone is constantly learning, and your customers are getting the very best experience.

Employee Benefits: One Size Does Not Fit All

With this range of generational ages, when it comes to providing employee benefits for your workforce, it’s easy to see why a one-size fits all approach doesn’t work.

That’s why it’s important to understand your employees’ motivations. And this largely depends on their life stage.

Employee Financial Literacy Education: Custom For Life Stage

In terms of providing a financial literacy program, this generational divide is more important still. You need to remember different age groups in the workplace are going to be motivated by different things. While most of your employees are going to welcome the opportunity to become better informed on financial topics, if you try to provide blanket benefits, they will fall short of the mark.

For instance, what Gen Zeds and Gen Ys want to know about is a whole lot different than the needs of your older workers.

Last year, PwC’s 2016 Employee Financial Wellness Survey found that Millennials were in worse shape financially than their older counterparts.

According to the report, 64% of Millennials are stressed about their finances. Almost half of them (46%) find it difficult to meet their household expenses on time each month. And 37% say that issues with the personal finances are a distraction at work.

For Gen Zed or Millennial employees, student debt is a huge concern. It’s far more pertinent to them to learn how to manage it than learning about retirement planning at this stage of their lives. On the other hand, saving for a comfortable retirement is a big priority for Baby Boomers and Gen Xers.

Work with an established partner

As an employer, it makes good business sense to provide access to financial education. Read our blog on 5 big reasons to offer a financial wellness program, for more on this.

But don’t do financial literacy education alone. The smart approach is to work with established partners in this area. Then introduce advice services and programs that offer financial education and support to your employees, customised by age bracket and life stages.

A good financial literacy program goes well beyond simply explaining an employee benefits package. Rather, it teaches good financial behaviours and addresses the key financial decisions that your workers face at different times in their lives.

As an example, financial literacy content for different age brackets could include:

Gen Zeds and Millennials

• Setting financial goals
• How to manage student debt
• Individual budgeting and credit education
• Making the most of Employee Benefits
• Coaching on preparing for a financially successful retirement

Millennials and Gen Xers

• Understanding mortgage lenders and achieving homeownership
• Getting the right insurance for your specific circumstances
• Making the most of Employee Benefits
• Investment education and advice
• Money coaching on wealth management
• Help on tax minimisation
• How to prepare for a financially successful retirement
• Post-retirement financial education

Gen Xers, Baby Boomers, and Silent Generation

• Continuing retirement planning education
• Money coaching on wealth management
• Investment education and advice
• Help on tax minimisation
• Post-retirement financial education
• These days, you should treat improving financial wellness as part of your duty of care to your employees.
• But it’s not about giving the same message around superannuation and retirement to people who have just started out in the workforce as you give to older employees nearing retirement age.
• By listening to your people, and understanding their needs, you can tailor your financial wellness program to precisely meet the needs of your multigenerational workforce.