Over the years, we’ve seen workplace wellness evolve. Initially, mental health was the big focus, especially after COVID-19, when the shift to remote working caused its fair share of stress. Now, there’s a growing recognition that financial well-being plays an equally important role in job satisfaction and productivity. With the rising cost of living, financial stress is becoming a major concern for many employees, and it’s starting to affect their work.
I’ve seen this firsthand through my coaching work – financial stress can be a real productivity killer. Employees struggling with money worries are more distracted, less motivated, and sometimes even burnt out. But there’s good news. Forward-thinking HR managers and leaders are stepping up to help, using strategies to boost financial wellness in the workplace. Here are five ways managers can support their employees’ financial wellbeing and create a more productive, engaged workforce.
- Financial Education and Workshops
I’ve found that most people don’t feel confident when it comes to managing their money – and that includes employees. Managers are now offering financial education workshops, which are a great way to tackle this issue. By working with financial experts and coaches, these sessions cover everything from budgeting and saving to managing debt and investing. It’s about giving employees the tools and knowledge they need to make better financial decisions. When people feel more in control of their money, they feel more in control of their lives – and that translates to the workplace.
- Employee Assistance Programmes (EAPs)
A fantastic resource that managers are increasingly tapping into is Employee Assistance Programmes (EAPs), which can now include financial counselling. I think this is a great initiative because it gives employees the chance to talk to a financial adviser or coach in a confidential, supportive setting. Whether they’re dealing with debt, needing help with financial planning, or just looking for advice, these one-on-one sessions provide immediate relief and longer-term financial confidence.
- Promoting Financial Security and Planning
Financial security isn’t just about making it to the next payday – it’s about feeling secure in the long term. Managers are now encouraging employees to prioritise saving, superannuation, and long-term financial planning. I’ve always believed in working towards financial freedom – the idea that you work because you want to, not because you have to. Helping employees understand the importance of building assets and planning for their future can give them peace of mind today, which, in my experience, leads to a more focused and productive workforce.
- Financial Wellness Challenges and Incentives
Sometimes, a little friendly competition can go a long way. I’ve seen workplaces introduce financial wellness challenges that reward employees for reaching financial goals, like saving a certain amount, building better budgeting habits, or simply attending a workshop. It creates a supportive, positive atmosphere where everyone is working towards improving their financial wellbeing – and getting a little something extra for it. It’s a fun, motivating way to keep employees engaged and focused on their financial health.
- Financial Technology (FinTech) Integration
Let’s face it, managing money can be time-consuming, but FinTech makes it easier. Managers can introduce employees to budgeting and saving apps, or even help them understand how FinTech solutions can streamline their finances. In my view, these tools are incredibly powerful for simplifying tasks like tracking spending, saving for goals, and even planning for retirement. Encouraging employees to use these innovations can make managing money feel less like a chore and more like something they’re actively in control of.
By addressing financial wellbeing, managers and leaders are not just helping employees manage stress – they’re improving the overall workplace culture. When people feel financially secure, they’re happier, more productive, and more engaged at work. It’s a win-win for both employees and employers. So, if you’re a manager or an employer looking to boost workplace wellbeing, remember that supporting your team’s financial health is just as important as looking after their mental and physical health.
All the best on your journey to living a financially well life!
Article by Marc Bineham – Speaker, Coach and award-winning author of The Money Sandwich