BSkyB is piloting a financial education programme designed to help improve financial literacy levels. The scheme from the Financial Services Authority (FSA) will be tested on the 70 members of BSkyB’s employee forum to decide whether it is appropriate for the wider workforce. If successful, it will be rolled out to its remaining 13,500 staff in early 2007.
Dev Raval, group head of reward, said the programme built on the company’s efforts to help staff with their personal finances, as well as promoting understanding and appreciation of company benefits. "We don’t think our people are any different to any others. They will have financial challenges [and] if [news reports] are true, a large percentage of the population has debt problems."
The scheme provides staff with an information booklet and access to a website with a pensions modeller and the ability to check debt ratings. They can then attend a 45-minute briefing session, which covers topics such as managing debt and pension planning. "It won’t tell you everything but hopefully it gives a broad enough picture that gives staff information about relevant actions they can follow up outside of the briefing," said Raval.
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He added the FSA programme would be seen to have more credibility than if provided by a financial firm.