Paul McDougall, insolvency practitioner at Wbg, said: “Managing debt can be overwhelming and stressful, affecting employees personal and work lives, including job performance.

“Debt stress can cause sleep deprivation, affect concentration and decision-making; and is associated with higher rates of absenteeism.

“Financial wellbeing is just as important as physical, emotional and mental wellbeing, and it can have a significant impact on our lives. But it doesn’t have to. Our holistic perk can help employees understand the support on offer, helping boost their confidence to seek help if needed.

“We can help employers empower employees with better financial wellbeing support to achieve greater financial stability for them; and enhanced job satisfaction, productivity and retention for their organisation.”

The new service from Wbg will offer:

• financial education support – offering confidential advice on managing finances
• employee support to help manage debt through statutory debt solutions
• help to understand payslips
• advice on Earnings Arrestment Orders and how to stop them
• access to financial advisers who can provide advice on mortgages and life cover.