Why Financial Wellbeing Should Be at the Heart of Your Benefits Strategy
For years, workplace wellbeing meant gym memberships or meditation apps. But today, the #1 issue impacting employees isn’t physical health — it’s financial stress.
The numbers speak for themselves…research tells us that:
90% of employees say money worries affect their mental health
63% are experiencing financial stress right now
Nearly 40% admit it directly impacts their performance at work
And yet, 44% of people feel their employer doesn’t care about their financial wellbeing. In a competitive job market, that’s a problem.
Why now?
Traditional pay rises are STILL harder to sustain (with rising employer costs and tax changes). Meanwhile, many employees — even high earners — live “wealthy hand-to-mouth”: asset-rich but cash-poor, relying on credit cards and overdrafts. So here are my 5 pillars of a strong financial wellbeing programme.
1️⃣ Understand your people’s needs (surveys, focus groups, demographics)
2️⃣ Provide financial education (workshops, coaching, AI tools)
3️⃣ Support debt management (flexible pay, student loan help, counselling)
4️⃣ Encourage savings (payroll deductions, cashback, discounts)
5️⃣ Plan for the future (enhanced pensions & retirement guidance)
Financial wellbeing is no longer “nice to have.” It’s a business essential.
When employees feel financially secure, they’re healthier, happier, and more productive. That’s a win-win for people and performance.
Often a good place to start is simply completing a benefits audit (not overhauling everything) to answer three key questions:
Are your benefits still relevant?
Are they competitive?
Are you spending wisely?
As a Bristol Creatives Member…I can do this free for you.
#FinancialWellbeing #EmployeeBenefits #FutureOfWork #EmployeeEngagement #WorkplaceWellbeing #HR #PeopleStrategy
Specialists in seamless employee benefits, payroll and fintech solutions consulting. Helping you stand out as an EMPLOYER OF CHOICE by examining your benefits program to ensure cost-effectiveness, and alignment with employee and business goals
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