Employee Financial Wellbeing

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Clear jargon-free advice

Updated 1/09/2023

Employees face many financial challenges. From protecting their family to saving for retirement it’s important you assist with employee financial wellbeing.

When these challenges lead to stress it can impact your employees’ wellbeing and performance at work. That’s why employers have a key role in improving employee financial wellbeing. One way to do that is through financial wellbeing seminars.

Seminars can educate employees about their pension scheme and give them options with retirement and protection. They can also provide information on wills, mortgages and debt solutions.

What are the Financial Problems Faced by Employees

Every employee is different, but financial worries are widespread in the UK.

Research by Close Brothers in 2019 found that 97% of UK employees suffered from money worries. Whilst over three-quarters (77%) of employees said that money worries impacted them at work.

A common concern people have is how to protect their family financially from their death or a critical illness. When their family relies on them to pay the mortgage and bills, thinking about how the family would cope if something happened to them can create anxiety.

Another fear for employees, especially as they get older, is whether they’ll have enough money in their pension to retire. As the state pension won’t provide enough income by itself for most people to live on this puts more pressure on staff to plan their own retirement savings. Whether through workplace or personal pensions.

Given the number of financial decisions to make, it can be tough for people to know how to plan their finances to protect their family and their future. As a result, it’s not surprising that money worries are one of the top causes of stress in people’s lives as shown in a separate study by CIPD.

Why Financial Wellbeing Matters to Employers

Concern for the health and wellbeing of employees is much more than the altruistic action of a responsible employer. The stress and anxiety caused by financial worries can directly affect attendance and performance at work.

The other side of this is that better employee wellbeing can improve morale, increase trust within your business and raise staff retention levels. So there are benefits to staff and to businesses from improving financial wellbeing.

A workplace pension scheme is a key benefit for your employees. However, your company’s pension scheme may be one of many pension pots that your employees have collected during their career. As a result, your staff may not see the value of this within the context of their overall retirement plans. Providing information about your pension scheme can help your employees realise the benefits to them.

What’s more, you want your staff to be well-informed and engaged when they have choices to make. When there are financial decisions related to the workplace, it’s in the interest of your business that employees have all the information and support they need.

For example, if you set up a salary sacrifice scheme each employee has to choose whether to opt into the scheme. It helps both you as well as your staff to share all the details and to answer their questions.

Finally, given the relationship that employers have with their employees through the payment of salary, pension and other benefits, employees often trust employers more than other organisations. That puts employers in a unique position to help improve financial wellbeing.

How to Improve Your Employees’ Financial Wellbeing

The simplest step to help your employees is to signpost information and advice created by other organisations. This can be done quickly as a range of support is now available online through organisations like the Money Advice Service.

For more direct support to your employees, another option is to run a series of employee seminars on financial topics. These give your staff the chance to ask questions and have a conversation about the subjects they may be worried about. You can organise these seminars as face-to-face meetings or online webinars.

Seminars are an effective way to educate employees about your pension and help them understand their retirement choices. You can also use them to provide information on other areas of personal financial planning like wills, mortgages and debt solutions. Will and debt advice is not regulated by Financial Conduct Authority.

To make the seminars a success, it helps if you have experts in the room to answer people’s specific questions and address their concerns. That’s why it can be beneficial to work with a financial advisor to plan and run these workshops.

If you’re making changes to pensions or employee benefits, a financial advisor can explain these schemes and answer questions. They are also able to support people individually who need a personal review or financial advice.

Given the nature of financial problems, it may be more appropriate to offer support on a one-to-one basis. For example with protection advice on how to deal with unexpected events.

Help Your Employees and Help Your Business

Our team of financial business experts are here to help you improve your employees’ financial wellbeing.

Contact us here for advice and support on running employee financial wellbeing seminars. Give us a call on 0345 224 3175 to book an appointment.


Q: How does Employee Financial Wellbeing impact an organisation’s bottom line?

Employee Financial Wellbeing can positively affect an organisation’s bottom line by reducing turnover, enhancing productivity, and attracting top talent.

Q: Are there any tax benefits associated with Employee Financial Wellbeing programs for employers?

Yes, some Employee Financial Wellbeing programs may offer tax benefits to employers, but it’s essential to consult with a tax professional to understand the specifics.

Q: Can an organisation measure the financial wellbeing of its employees?

Yes, organisations can measure employee financial wellbeing through surveys, feedback, and data related to employee turnover and utilisation of financial benefits.

Q: What are some common mistakes individuals make regarding their financial wellbeing?

Common mistakes include overspending, not saving for emergencies, and not investing for the long term.

Q: How can I approach my employer about implementing Employee Financial Wellbeing programs?

Prepare a compelling case, highlighting the benefits for both employees and the organisation, and present it to your HR department or management.

Q: Is Employee Financial Well Being only about money?

No, it encompasses various aspects of financial health, including budgeting, savings, investments, and debt management.

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