Every day, millions of employees walk into work carrying a silent weight: money worries. Financial stress isn’t just a personal issue, it’s a silent productivity killer. It costs UK companies an estimated £11 billion every year, the equivalent of 4% of total payroll. Nearly 40% of employees admit money troubles impact their productivity, and one in six has taken time off work to deal with financial issues.
These aren’t abstract statistics. They represent real people who are stressed, distracted, and less engaged. Unless employers tackle the issue head-on, those hidden costs will keep rising.
At WellFi, our mantra for building financial wellbeing programmes is simple but powerful: Connect, Educate, Engage. It starts with Connect – taking the time to truly understand your workforce’s unique financial landscape. Without this foundation, even the best-intentioned initiatives risk missing the mark. Employers are in the perfect position to bridge that gap, turning empathy into action.
Why Connection Matters
Every organisation is a mosaic of needs. A one-size-fits-all approach might look efficient on paper, but in reality it ignores the nuances that shape employees’ financial lives.
Think of the diversity of your own team:
- A graduate recruit balancing student debt with rising rent.
- A mid-career professional managing childcare costs and a mortgage.
- A high earner juggling tax planning and investment decisions.
Financial wellbeing is shaped by demographics, life stages, and even industry-specific pressures. Connection means recognising these differences so your programme is relevant, cost-effective, and genuinely supportive.
It’s also easy to assume you already know what employees need:
“Our staff are well paid, they don’t need extra support.”
“We work in finance, everyone understands their pension.”
The truth? Even with strong salaries and benefits, employees can feel financially insecure if they lack the knowledge or confidence to manage money well. And yes, even investment professionals often admit they’re not confident about things like tax planning or power of attorney. Without checking in, companies risk spending on benefits that employees don’t value, while the real issues remain unaddressed.
Seeing Beneath The Surface
So how do you actually connect? Data is a good place to start.
- Surveys are more than questionnaires — they’re conversations that give everyone a voice. Ask questions like “How confident do you feel about your retirement savings?” or “What financial topic keeps you up at night?” Responses can reveal awareness gaps, areas of concern and quick wins.
- Benefit analysis helps you see what’s working. If your travel card loan sits idle but cycle-to-work is popular, that’s a clear signal. Trends like pension opt-outs or frequent payroll advance requests can highlight financial stress. This isn’t about overhauling everything; it’s about amplifying what’s already working.
- Focus groups and conversations add depth. Stories emerge that surveys miss: the single parent juggling childcare costs or the long-serving employee confused by investment options. The key here is psychological safety: frame discussions as “We’re here to listen and support, not judge.”
- Demographics provide another lens. Age, gender, ethnicity, and location influence financial realities. Sales teams with variable pay may need help managing irregular income. Non-office workers may need mobile-friendly tools. Even location matters: affecting everything from housing costs to banking availability. Tools like anonymised analytics from your HR platform can map these without breaching privacy.
Building Trust Through Listening
Connection is more than a data exercise; it’s a signal to your people. By asking, listening, and acting, you’re showing empathy and understanding. And in a world where money is still a taboo topic, that trust matters. It tells employees: “We see you, and we’re here to help.”
Start Small, But Start
Connection doesn’t mean a full-scale project from day one. A simple pulse survey or a few targeted conversations can spark valuable insights. From there, you can build out a programme that feels relevant and personal, grounded in reality, not assumptions.
Because the truth is this: the most impactful financial wellbeing programmes aren’t designed for employees – they’re designed with them. And it all begins with connection.
