Financial Wellbeing in the Workplace: Why Talking About Money Matters
Every year on 14 August, Financial Awareness Day encourages people to reflect on their relationship with money and take steps towards greater financial confidence.
With household budgets continuing to feel the pressure, financial wellbeing is also an important consideration for employers. Providing practical support with everyday costs can form an important part of a wider employee wellbeing strategy.
How can employee benefits support financial wellbeing?
Supporting financial wellbeing goes beyond offering employees advice. Employers can also consider how their wider benefits package can provide practical support with everyday costs and help ease pressure on household budgets.
Health cash plans can help ease some of the financial pressure associated with everyday healthcare, allowing employees to claim money back towards everyday healthcare costs such as dental, optical and physiotherapy.
At Medicash, our health plans provide access to a range of digital health benefits, giving employees additional support as part of their everyday employee benefits package.
Medicash policyholders also have access to Medicash Extras, providing discounts and savings through Perks at Work, alongside Gym Discounts. Together with cashback on everyday healthcare, these added benefits can help employees make their money go further while supporting their wider health and wellbeing.
To mark Financial Awareness Day, we caught up with Emma Waller, founder of MoneyMinded, and Health@Work’s financial wellbeing affiliate, about the financial challenges facing employees and what employers can do to help.
“We’re now recognising the strong link between financial stress and mental health, so I think employers will integrate financial wellbeing initiatives with mental health programmes.”
Q&A with Emma Waller, founder of MoneyMinded
Q: What are the key components of an effective workplace financial wellbeing strategy?
Start by creating a survey to know how people are coping, their struggles, and where they want to learn. Then, open the conversation around money with peer support networks and workplace financial champions to offer guidance and support. You also want to offer regular training, online resources, and workplace benefits programmes – as well as work-life balance initiatives such as flexible working arrangements to reduce commuting costs and other expenses.
Q: How can financial wellbeing programmes be made accessible and inclusive for all employees, including those from diverse backgrounds and income levels?
Adopt a multifaceted approach with relevant materials that reflect your workplace’s demographics and income levels and use examples that showcase this diversity. Consider your teams’ early, mid and late career life events – buying a house, retirement, family planning, etc. – and what guidance you can provide. Resources should be available in different formats to cater to different needs, and events should accommodate various schedules. It’s important to use clear, jargon-free language – jargon can really switch people off if they don’t understand!
Q: How do you see the landscape of financial wellbeing in the workplace evolving over the next five to ten years?
With changes in workplace structures, organisations will have to ensure they provide financial wellbeing for more remote workers, gig workers, and freelancers. I think we’ll also see more emphasis on financial sustainability, helping employees align their financial decisions with their values such as sustainable investing. Finally, we’re now recognising the strong link between financial stress and mental health, so I think employers will integrate financial wellbeing initiatives with mental health programmes.
Q: What are some simple, low-cost initiatives that smaller employers can implement to support financial wellbeing?
I’d say it’s all about internal comms. Money is often taboo, so encourage your employees to become comfortable talking about money via polls, surveys and discussion groups, and tapping into awareness days and celebrations. Finally, get an Employee Assistance Programme (EAP) and make sure people know how to access it – they’re often one of the most underutilised staff benefits and usually offer discounts and deals.
Q: With the cost of living continuing to put pressure on household finances, how can employers help employees build greater financial resilience?
Start by helping employees understand where their money is going. Practical tools such as budget planners, benefits calculators and bill checkers can help people review their income and spending, identify priority bills and see whether they are missing out on any support. Employers can also share practical guidance during times of financial pressure and encourage employees to build savings where possible. It’s important to recognise that some employees may need specialist support, so signposting to EAPs, workplace benefits and free, impartial help from organisations such as MoneyHelper is key. Financial resilience is not about being perfect with money; it is about having the knowledge, support and confidence to deal with the unexpected.
Q: Finally, what’s your top piece of advice for employers looking to support their employees’ financial resilience and long-term financial wellbeing?
Listen before you launch anything. Do not assume you know what employees need based on their salary, age or job role. Use a short survey or anonymous question box to understand the real pressures people are facing, then build practical, inclusive and consistent support around them. Good workplace financial wellbeing gives people trusted information, useful tools and the confidence to make informed decisions and seek help early.
Want to support the health and financial wellbeing of your workforce?
Discover how Medicash health cash plans can help employees with the cost of everyday healthcare while providing access to a wider range of health and wellbeing benefits.
Taking a wider approach to employee financial wellbeing
As Emma highlights, there isn’t a one-size-fits-all approach to financial wellbeing. The most effective support starts with understanding what employees actually need and providing accessible, practical resources that can help.
Employee benefits can form part of that picture. From health cash plans that help employees claim money back towards everyday healthcare costs, to Employee Assistance Programmes and financial wellbeing resources, employers can build a package of support that addresses different aspects of employee wellbeing.
For employers, it’s not about solving every financial challenge employees face. It’s about helping to reduce some of the pressures they experience, providing access to trusted support and making sure employees understand and use the benefits already available to them.
To learn more about how you can support your workforce’s financial wellbeing, download our ‘Employer’s Guide to Financial Wellbeing’ today.