Employee financial well-being

These reports and guides, produced in partnership with Close Brothers, show how financial concerns can affect employee mental and physical health and the impact that this has on business performance. They also provide help for organisations wanting to improve their employees' financial well-being

What matters to employees - financial well-being

Any employer can begin to build a financial wellbeing policy with these three simple steps:

  1. Let your workforce know that they can get free, confidential and independent money and debt advice from the government’s Money and Pensions Service

  2. Make sure your workforce is fully aware of all the benefits you currently offer and how to make the most of them.

  3. Begin a dialogue with employees and line managers about the financial challenges and opportunities faced by them and the business. This will show your concern and help to break down the stigma associated with money problems.

Once you’ve got these basics in place, you can then look to expand your financial wellbeing policy to include a commitment to paying the ‘Real Living Wage’, supporting in-work progression, expanding your benefits package and offering financial education. Explore the resources on this page to find out why and how.

Financial wellbeing

What matters to employees - financial well-being

The employee view

This survey of employee views on financial wellbeing is based on the findings from a survey of 1,817 working adults, across all industrial sectors. The survey was done on our behalf by YouGov – and was conducted online via the YouGov panel.

Financial wellbeing not only affects individual workers but it also impacts business performance. As this report helps to illustrate; one in four workers report money worries have affected their ability to do their job, one in ten say they have found it hard to concentrate/make decisions at work because of money worries, and 19% have lost sleep worrying about money, all of which impact productivity. 

The report provides a compelling case for employers to take steps to improve their workers’ financial wellbeing and their businesses' bottom line.

Read the full report below and view the infographic below:

Why employee financial wellbeing is important

Our research shows there’s a clear business case for supporting employee financial wellbeing. It's an integral part of creating a healthy workplace where people can flourish, reach their potential and make a significant contribution to their organisation’s performance. There’s also, of course, the moral argument: we should take action because it is the right thing to do.

Download the report: 

Supporting your workforce’s financial wellbeing

Our practical guidance illustrates key steps along the journey for organisations to help their employees make better financial decisions, with benefits for organisations and workers alike. The guide is aimed at leaders and HR professionals in organisations of all sizes and in all sectors that want to improve the financial wellbeing of their staff. It offers a menu of options, from starting to develop a financial wellbeing strategy to refining what you are already doing. 

The guide was written pre-pandemic, but the advice remains just as relevant – if not more so. 

Behavioural science and your financial wellbeing strategy

Voluntary participation in financial wellbeing programmes can be hard to achieve – and individuals who are most in need of these programmes may also be most likely to avoid taking them up and completing them. Using behavioural science to get an insight into what makes your workforce tick, can help employers to:
  • encourage people to spend enough time looking at their financial wellbeing
  • increase take-up of and engagement in financial wellbeing programmes
  • uncover and challenge biases that impede financial capability and wellbeing.
As such, our report provides expert advice and recommendations on how to use behavioural insight approaches to influence employee behaviour. It’s aimed at organisations already planning or taking action to help support employee financial wellbeing and builds on our practical guidance and research.
Close brothers partnership logo

Close Brothers has been helping the employees of some of the UK’s best known organisations to understand and make the most of their benefits for over 45 years.

We are passionate about helping people improve their finances and recognise that they can benefit from financial education throughout their career. Whether you want to add support for those planning to take their pension, improve financial wellbeing as part of your wider strategy or engage new joiners with their benefits, our financial education inspires people to take control of their finances immediately and for the future.

At Close Brothers, we believe great education doesn’t just build knowledge; it effects change. Our expertise is to understand your organisation, your people and your key objectives. We then design a programme tailored to your needs, to help you achieve your goals.