Financial Wellbeing in the Workplace: Why Talking About Money Matters
Every year on 14 August, Financial Awareness Day encourages us to pause, reflect on our relationship with money and take steps toward better money management.
Despite greater awareness, money is still often considered a taboo subject in the UK. In fact, research has found that British people feel uncomfortable discussing money, with an estimated 2.8 million adults saying they would rather “do anything” than talk about their personal finances. This reluctance to open up can make it harder for people to access support, build confidence and improve their financial knowledge.
For many people, this is especially true in the workplace, where conversations around pay and benefits are often considered as no-go topics. However, with continued cost of living pressures affecting households across the UK, creating a culture where employees feel comfortable talking about money has never been more important.
To mark Financial Awareness Day, we caught up with Emma Waller, founder of MoneyMinded, and our financial wellbeing affiliate, to discuss some of the biggest financial wellbeing challenges facing employees today. Emma also shares her top tips on how employers can strengthen the financial support available to their workforce.
“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: What are some innovative or successful financial wellbeing initiatives you’ve seen implemented?
Check out national campaigns like Talk Money Week and Pensions Awareness Week for free webinars and online resources to share with colleagues. These help to increase awareness, and both provide key information and demystify tricky financial jargon. Many organisations now train in-house Financial Wellbeing Champions, letting employees receive guidance from trained and trusted colleagues to create a supportive and understanding work environment.
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: What considerations should be made for employees who are part-time or contract workers?
Again, it’s about ensuring inclusivity across the workplace. Make financial resources available online so that they can be accessed anytime and anywhere. Often part-time and contract workers have less income stability, so provide tools and support to help them manage fluctuating incomes focusing on things like building emergency savings pots and how to create a solid financial plan with a variable income.
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: Pensions can feel overwhelming for many employees. How can employers highlight the importance of a workplace pension and encourage greater engagement?
Employers can help by making pensions feel relevant throughout an employee’s career, rather than something to think about only when retirement is getting closer. Clear, jargon-free communication can help employees understand the value of contributions, employer payments and tax relief. Employers can also offer workshops, webinars or one-to-one support and signpost employees aged 50 or over with a defined contribution pension to Pension Wise, which offers free guidance from a pension specialist on their options.
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: Financial fraud and scams are becoming more sophisticated, particularly with the rise of AI. What should employees be aware of, and how can employers help raise awareness?
Employees should be aware that AI can make scams look and sound more convincing, but the warning signs often remain the same: unexpected contact, pressure to act quickly, requests for personal information or unusual payment methods. My advice is always to pause, check and challenge. Employers can help through regular scam alerts, realistic examples and a clear process for reporting suspicious contact. It’s also important to remind employees that anyone can be caught out; scammers are skilled at creating urgency and exploiting trust. If money has been lost, contact the bank immediately and report the incident to Report Fraud or by calling 0300 123 2040 if you are in England or Wales.
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.
To learn more about how you can support your workforce’s financial wellbeing, download our ‘Employer’s Guide to Financial Wellbeing’ today.
While you can’t always make financial problems go away for your employees, you can look for new ways to support financial awareness and provide the building blocks for better wellbeing. Whether that’s through signposting resources, training or simply encouraging more open conversations about money, employers can play an important role in improving employee’s financial literacy.
Ready to take your financial wellbeing support further? Explore our Money Matters – Financial Wellbeing training course.