Money Matters: Building Financial Wellness at Work
Want happy, focused employees? Help them stress less about money. Financial wellness programs work - here's how to create one that makes a real difference.
Finally, a spreadsheet that doesn't make me want to cry
Your team members spend 40 hours a week making money at work. But do they know how to make that money work for them?
Financial stress affects 40% of UK workers. In a team of four, that's likely to mean at least one person is worried about money right now. These worries don't disappear when they step into the office. They linger, affecting everything from decision-making to workplace relationships. Given the current cost of living crisis (which isn’t just limited to the UK unfortunately), putting a focus on financial wellbeing is a timely and profoundly good thing to do for you employees.
Let's make work a place where people can build real financial confidence.
Start With the Basics
One-to-one financial coaching makes a big difference. People facing money challenges often need private conversations. They might be dealing with debt, planning for a house purchase, or trying to build savings. Give them space to discuss these personal matters with qualified professionals who can offer practical guidance.
Money talks should be normal at work. Create safe spaces for financial discussions by establishing regular sessions with qualified financial advisors. These sessions work best when they're casual, allowing people to ask questions without feeling judged.
For example, many workers don't fully grasp their workplace benefits. A recent study showed that 25% of UK employees don't understand their pension scheme. Take time to explain these benefits in plain language. Break down complex terms. Show real examples of how different choices affect long-term savings.
Beyond the Ordinary
Standard financial education programmes often fall short because they focus on knowledge without providing tools for action. Whatever you choose to do for your people needs to bridge this gap.
Emergency savings schemes through payroll deductions work well because they're automatic. People don't have to think about saving - it happens before they see their pay. Even £50 a month builds up to a meaningful safety net over time.
Work with local businesses to create genuine money-saving opportunities. This might mean discounted childcare, reduced gym memberships, or savings on everyday shopping. These programmes work best when they're based on what your people actually spend money on.
Finally, and I’m not sure on this one, but thought I’d add it anyway: Ethical lending services can be a lifeline when unexpected expenses hit. Partner with credit unions or responsible lenders who offer fair rates and clear terms. Your people need to know they have options beyond high-interest credit cards or payday loans that will inevitably end up making financial problems worse.
Make It Personal
Financial needs shift dramatically throughout a career. For example, new graduates can struggle with student loan repayments and building credit. Help them understand their repayment options and create sustainable budget plans.
For parents, childcare costs can eat up a significant portion of their income. Support them with information about tax-free childcare schemes, flexible spending accounts, and local childcare options.
And in the twilight years, workers approaching retirement face different challenges. They need clear information about pension options, retirement planning, and transitioning to fixed incomes.
Create dedicated resources for each life stage, keep them updated and keep talking about them.
Track What Matters
Measuring success in financial wellness goes beyond numbers. Watch for signs that people feel more confident making money decisions. Notice when they start talking more openly about financial planning.
Track participation in your events, but pay attention to quality over quantity. Ten people getting genuine help matters more than hundred attending a generic seminar with a fussy powerpoint. It may have ticked the box, but it won’t have the same impact.
Changes in workplace atmosphere often signal success. Look for improved focus, reduced stress, and more open discussions about money. These subtle shifts often precede improvements in traditional business metrics. Leading measure are important.
Real Talk About Money
Breaking the money taboo takes time and consistent effort. Encourage people who've benefited from the programme to share their stories. These real experiences help others see they're not alone in facing financial challenges.
Make financial wellness a regular topic in team meetings. Not as pressure to participate, but as a reminder that support exists. When leaders talk openly about money management, it gives others permission to do the same.
Getting Started
You don't need to launch a perfect programme immediately. Start with free resources from organisations like the Money and Pensions Service or Citizens Advice (or, whatever the support is in your country). Many employee benefits providers include financial wellness tools in their packages - tools your company might already have access to. Perhaps these need to be highlighted more often to remind people they exist.
Build your programme based on direct feedback from your people. Ask what they need, try small solutions, and adjust based on what works.
The Money-Stress Connection
Financial worry creates a complex web of effects in people's lives. Anxiety induced poor sleep habits lead to reduced focus. Stress about money strains relationships both at home and work. Physical health suffers as people cut back on healthy food or skip medical or dental check-ups to save money. Mental health can deteriorate under constant financial pressure.
And I can almost guarantee that some of your employees (maybe even you) will be under some level of financial stress (thanks a bunch capitalism!)
Your organisation can help break this cycle by giving people both practical tools and emotional support.
Remember This
Financial wellness isn't about controlling how people manage their money. It's about giving them knowledge and tools to make confident choices. When people feel financially secure, they bring their whole selves to work. They take care of their health. They plan for the future. They build stronger relationships with colleagues.
Look, I know it’s a sticky topic. It feels like you might be poking your nose in where it’s not wanted and, maybe, some of your people will feel this is the what you’re doing. But if you take the time and effort to ensure clarity that your support is anything but interfering, you’ll build a stronger, more resilient organisation with happier staff and, ultimately (although this is NOT the reason to do this) a better bottom line.
What Next?
Start conversations with your team about money. Ask them about their financial challenges, what support would make their lives easier, and how work could better support their financial journey.
Use their answers to build a programme that truly serves their needs. Because when you help people take care of their money, you're really helping them take care of their whole lives.
That's what good workplaces do - they support the whole person, not just the employee.