Making Financial Wellbeing Work for a Diverse Workforce

Over 70% of UK adults report feeling anxious about money*. As UK workforces grow more diverse, a uniform approach to financial wellbeing just doesn’t cut it. From student debt to childcare costs, financial challenges don’t look the same for everyone, and neither should your support.

By rethinking how we design and deliver financial wellbeing programs, employers have a real opportunity: to create more inclusive, impactful benefits that improve employee engagement, loyalty, and overall wellbeing.

Financial Wellbeing Is Not One-Size-Fits-All

Every employee brings a different financial story to work – shaped by age, gender, ethnicity, income, family setup, and lived experience. For younger staff, the struggle might be rent and loan repayments. For women, the focus may be on retirement savings while navigating the gender pay gap or taking time out to care for family. For ethnic minority or LGBTQ+ employees, it could be dealing with the long-term effects of inequality and financial exclusion.

Yet many employers still offer the same core package to everyone – perhaps a pension, EAP, and occasional budgeting workshop – without addressing the real differences in needs.

An inclusive financial wellbeing strategy doesn’t mean offering everything to everyone. It means understanding the challenges your people face and providing the right support at the right time.

The Cost of Uniformity

When benefits don’t reflect real employee needs, they go unused, or worse, send a signal that certain groups haven’t been considered. That can lead to disengagement, missed opportunities for support, and even talent loss.

Employees are increasingly vocal about what matters. In fact, 63% of UK workers say they would stay longer with an employer that offers strong financial wellbeing support**. Many actively seek out employers that demonstrate care for their financial and holistic wellbeing. Inclusive benefits are more than a nice-to-have, they’re a differentiator.

So, What Can Employers Do?

1. Get to Know Your People
   Start with listening. Anonymous surveys or pulse checks can surface key concerns, from childcare costs to credit worries. Segmenting insights by age or income level can help you tailor your strategy more effectively.
2. Offer Flexible, Practical Support
   The more diverse your workforce, the more flexible your offer should be. This doesn’t mean offering everything to everyone, but providing a few well-designed options, like student loan support, childcare schemes, or pension education, shows your people you’re in their corner.
3. Address Barriers, Not Just Symptoms
   Some groups face systemic financial challenges. For example, Black and Asian households in the UK are twice as likely to have no savings compared to White households, often due to inequalities in income, housing, and employment opportunities.***
   Support that opens doors can have lasting impact. Could you provide access to free, impartial debt advice? Tools to build credit history? Or targeted financial education for groups underrepresented in pension engagement? Even simple solutions like matched savings or salary-linked loans can help employees take control, not just cope.
   The aim? Reduce barriers so everyone has a fair chance to improve their financial wellbeing.
4. Make Communication Inclusive
   The best benefits fall flat if no one understands them. Avoid jargon, keep messaging relevant, and use real stories where you can. This builds trust and helps normalise financial conversations across your workforce.
5. Measure and Adapt
   Track how benefits are being used, and by whom. Feedback can reveal which groups feel most supported, and where gaps still exist. Keep evolving to stay relevant to your team.
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The Business Case Is Clear

When employees feel financially secure, they’re more focused, more engaged, and more likely to stay. Inclusive financial wellbeing isn’t just about doing the right thing, it’s about building a resilient, future-ready workforce.

It also strengthens your wider inclusion agenda. Thoughtful financial support reinforces the commitments many employers are already making under the Equality Act and broader DEI goals.

Final Thought

The future of work is diverse, and your financial wellbeing strategy should be too. With the right insights and a flexible, inclusive approach, HR teams can lead the way in building workplaces where everyone can thrive.

Contact us at WellFi to schedule a demo and see how our education first solution can transform your employees’ financial confidence.