Financial stress doesn’t discriminate – it impacts people from all walks of life, driven by a range of different challenges but often leading to significant mental health struggles. While media headlines frequently link financial difficulties to lower-income groups, the reality is far more complex. A lack of financial education in the UK compounds the issue, with the 2016 OECD report highlighting poor practical numeracy skills across all ages and education levels.
Here we explore how a well-designed Financial Wellbeing program can address these challenges in a university setting, but the principles apply to all companies. By understanding the diverse needs of staff across all roles, we’ll demonstrate why a comprehensive and inclusive approach is essential for improving financial health.
Understanding staff diversity
At first glance, it’s easy to look at a university and assume that, as a group of intelligent and highly qualified specialists, managing day-to-day finances wouldn’t be a major challenge. However, the reality is much more complicated.
A university is not formed solely of professors, lecturers and teaching staff. Behind the scenes, as with any business, there are often hundreds of supporting and complementary roles including administration, IT, technical support, facilities management, human resources and many more. These roles bring wide-ranging qualifications, income levels, and financial literacy, making it essential to design a flexible, inclusive Financial Wellbeing program that caters to everyone.
Even among teaching staff, it’s a mistake to assume financial literacy is a given. Expertise in academics doesn’t always translate to understanding personal finance. Money management is a distinct skill set, requiring dedicated learning to navigate the complexities of budgeting, savings, and long-term financial planning.
meeting diverse financial needs
Universities are often located in major cities and urban areas, employing a wide range of staff with varying financial challenges. For many, especially those in lower- paid roles, the primary benefit of Financial Wellbeing programs is addressing the rising cost of living.
Amid rising housing costs, persistent inflation, and slow wage growth, many employees, including some early-stage academics, may be struggling to manage their day-to-day finances. By giving employees the tools and education to budget effectively, build savings and manage debt, a Financial Wellbeing program can significantly reduce the stress of day-to-day living and in doing so improve happiness and productivity at work.
When considering those employees in academic roles at universities, they can face unique challenges, particularly when it comes to managing student loan debt. Multiple years of study, research and qualifications are common, often resulting in high loan balances or several tranches of student and postgraduate loan debt, making targeted support crucial.
For financially confident employees, the program should also cover more complex topics like investing and tax efficiency. Importantly, making sure that the spectrum of topics covered spans an individual’s entire working life, from first home purchase to retirement planning, will ensure that all employees feel included and supported regardless of their career stage.
This comprehensive approach ensures that Financial Wellbeing support is relevant and accessible across all roles, addressing the diverse needs of university staff.
addressing the elephant in the room
Contrary to common assumptions, senior and well-educated employees aren’t always financially savvy or financially confident. OECD analysis reveals that across all age groups in the UK, including those with higher qualifications, numerical and financial literacy lags behind other countries.
This presents a unique challenge: how to engage those who need financial support but are reluctant to admit it or are too embarrassed to ask. Senior or experienced employees may shy away from group seminars on basic finances, worried about looking less knowledgeable in front of junior colleagues. One-to-one financial advice or coaching can feel equally unappealing to those who don’t want to admit their lack of knowledge.
The smart solution? Online learning resources. Interactive educational videos and private digital tools that help people build financial confidence in the comfort of their own space. This approach is especially great for neurodiverse staff who might find traditional text-based learning or crowded seminar formats challenging.
By making financial education more accessible, we can help employees gain the confidence to manage their financial journey, seek advice where needed and make the most of benefits they might have been reluctant to explore before.
This tactful approach means everyone gets support, regardless of role or seniority, without any awkwardness or embarrassment.
The cultural impact
By addressing employees’ financial needs thoughtfully – even those they might not openly admit to – employers can build a culture of trust that shows they care about the whole person, not just their work output.
This approach, focused on reducing finance-related stress, has been shown to increase faith in employers, boosting job satisfaction and improving retention in high-stress, high-turnover industries. Research from both the University of Oxford and the University of Warwick showed that employees were more productive when they were happier (up to 13% in one study).* Separate research from Mercer showed that turnover was 11% lower in companies who foster a culture of health and mental wellbeing.*
In a competitive sector like Higher Education, where talent is fiercely sought after, a strong cultural reputation and comprehensive benefits can be the deciding factor when salary alone isn’t enough.
Investing in your people
For many organisations, including universities, the benefits of implementing Financial Wellbeing programs far outweigh the costs, especially when budgets are tight. These solutions offer a cost-effective way to:
- Reduce financial stress and related absences
- Increase productivity
- Lower turnover rates
- Attract prospective employees
And fundamentally reduce the huge costs associated with these issues.
For more detailed insights on these specific benefits, check out our other blogs at www.wellfi.co.uk/our-blogs
To sum up, understanding your employees is the first step in helping them manage their finances effectively. By providing engaging and educational support tailored to their needs, you equip them with the knowledge to take control of their financial lives. This not only benefits individual employees but also contributes to a more positive, productive workplace culture.
Ready to take the next step? Download our free guide on implementing an effective financial wellbeing program: Guide
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*World Economic Forum report– Thriving workplaces – how employers can improve productivity and change lives 2025