Financial wellbeing in the workplace
Almost 8 in 10 UK employees take their money worries to work, affecting their performance. Fortunately, there are many ways for employers to champion financial wellbeing in the workplace.
What we mean by financial wellbeing
Financial wellbeing is about feeling secure and in control. It is about making the most of your money day to day, dealing with the unexpected, and being on track for a healthy financial future. In short: financially resilient, confident and empowered.
That’s our definition at the Money and Pensions Service. We want to see everyone in the UK making the most of their money and pensions. We give free, impartial guidance that helps individuals make sound financial choices. We also support employers and their partners to improve financial wellbeing at work.
Why it matters in the workplace
Money worries are the biggest cause of stress for UK employees (1). They are damaging to business too, often resulting in staff sickness. The case for financial wellbeing at work is compelling.
4.2 million worker days each year are lost in absences because of a lack of financial wellbeing. That’s the equivalent of £626 million in lost output (2).
Nearly 7 in 10 UK employers believe staff performance is negatively affected when employees are under financial pressure (3).
Want to know more?
We have a wealth of evidence to share with you on what works to build financial wellbeing in the workplace.
- Our guide Financial Wellbeing in the Workplace – The Essential Guide for EmployersOpens in a new window outlines seven simple steps you can take to support your workforce with their financial wellbeing.
- For a quick overview, watch a short video where we share to some of our insights on workplace initiatives from the Financial Capability LabOpens in a new window
- Our one-page thematic review on this topic summarizes a range of research on why employers should offer support and how workplace financial wellbeing programmes should be designedOpens in a new window
- Explore the further research on our Evidence HubOpens in a new window
The links on the side of this page more detailed breakdowns on how financial wellbeing can be improved in different ways across your business or organisation.
How we can support you
The initiatives shared on these pages draw on our expertise, support and resources. They’ll help you to enhance financial wellbeing in your workplace.
We also offer a wide array of free support to businesses including:
- a dedicated partnership manager based in your location, with managers in Northern Ireland, Scotland and Wales and regions across England.
- bespoke support to help you build and implement your financial wellbeing strategy.
- a selection of guides available in English and Welsh, and in print, braille or audio format, for free
- a help with the cost of living hub featuring articles, tools, calculators and a printable guide to support your colleagues and customers.
- our annual Talk Money Week awareness campaign, which provides a platform for conversations about money in all walks of life.
MoneyHelperOpens in a new window offers a bi-lingual service via a variety of channels, with tools and helplines in English and Welsh:
- guidance on life events and how these affect pensions.
- help for employees to plan for later life, with a section dedicated to pensions and retirement guidance.
- various tools and calculators offer personalised guidance for topics including debt advice.
Contact our partnerships team
Contact our regional partnerships team for free support and practical ways to help you build financial wellbeing across your organisation.
Based near you, our partnerships teams can help bring your organisation an understanding of some of the local financial wellbeing challenges.
If your organisation has multiple sites, please contact the regional manager closest to your head office.
Sources
(1) 94% of UK employees admit to worrying about money and, of these, 77% say that money worries impact them at work.
Close Brothers, The Financial Wellbeing Index (2019).
(2) Centre for Economics and Business Research, Financial wellbeing and productivity: A study into the financial wellbeing of UK employees and its impact on productivity, 2018.
(3) 69% of UK employers. Neyber (2018), The DNA of Financial Wellbeing 2018.