AXA launches My Budget Day

by Gill Montia

Story link: AXA launches My Budget Day

AXA, the French-based insurance group, is urging UK employers to support their staff by helping them take control of their personal finances.

The insurer has designated November 21st as My Budget Day and will be allowing its 12,000 UK employees one hour of working time to focus on their personal money management.

The move has the support of both the Confederation of British Industry (CBI) and Unite, the UK’s largest trade union.

AXA is promoting My Budget Day as a national event designed to encourage people to devote one hour a month to sorting out their finances.

The CBI’s director general, Richard Lambert, has responded enthusiastically to the idea, saying: “My Budget Day is a breath of fresh air and should be seen as a new and innovative way for employers to engage with their workforce”.

The scheme has already been piloted at AXA’s Bristol and Bolton offices and the group hopes that by giving employees an hour to work out their monthly budget, staff will discover just how valuable that hour can be in terms of exploring cheaper credit card agreements and researching the best savings options.

The benefits to employers could be worthwhile because money worries are acknowledged to be one of the major causes of stress for adults and consequently a major cause of employee absenteeism.