How to encourage employees to talk about their money worries
Despite many people feeling stressed about their finances, they’re not necessarily seeking the support they need.
This Talk Money Week (4–8 November), now’s a great time to encourage your employees to open up.
Here are some ideas to help you kick-start these conversations.
Financial uncertainty is taking its toll on people’s wellbeing.
In fact, according to Standard Life’s Retirement Voice 2023 report, 1 in 4 say that managing their money has caused them sleepless nights and poor mental health.
Despite this, our research shows that 6 in 10 people don’t seek the support they need.
Women, in particular, are less likely to look for help than men (26% vs. 36%), even though they’re more likely to feel concerned about their finances.
Our insights reveal that almost half (47%) of women feel worried, anxious, stressed, or overwhelmed. For men, a third (33%) feel the same way.
Clearly, there’s a significant gap in the number of people who are feeling the pressure and of those who actively seek help. But why? And what can employers do to support those who might be struggling?
Why it’s important to seek support
Getting support and talking about money worries can make a big difference to people’s financial wellbeing and resilience.
According to the Money and Pensions Service (MaPS) – whose Talk Money Week campaign runs each year – people who talk about money make better and less risky financial decisions and feel less stressed or anxious and more in control.
Despite these benefits, the majority of people keep quiet. MaPS research shows that 8 in 10 people avoid discussing their finances.
Not wanting to be judged, fear of burdening others, and shame or embarrassment were the most common reasons for avoiding talking about money.
How employers can help reduce the stress
It’s important for employers to recognise that financial stress can have a far-reaching impact on people’s lives – and on the workplace.
Indeed, our Retirement Voice research revealed that almost 1 in 10 people needed to take time off work as a result of managing their finances.
As we head into this year’s Talk Money Week, why not use it as an opportunity to encourage employees to seek support and open up about their finances?
1. Send a survey to understand employee needs
For your workplace support package to make the most impact, it’s important to understand what’s weighing on your employees’ minds.
Some might be worried about paying expensive bills or debts. Whilst for others, they might be prioritising getting on the property ladder.
Send out an anonymous survey to capture what’s worrying your employees and ask what would help them. Then, use this feedback to create a personalised support offering that meets employees’ needs.
2. Boost employees’ financial knowledge
Helping employees get to know their money better can go a long way to helping them feel more in control of their finances.
If you’re with Standard Life for your workplace pension scheme, employees can power-up their financial knowledge with our Good Money Moods webinars.
You could signpost employees to external resources and guidance too.
MoneyHelper, for instance, contains loads of impartial guidance on a wide range of financial topics including everyday spending, buying a house, and saving into a pension.
3. Help employees manage their day-to-day finances
If people don't know how to begin managing their money, there's a risk they may avoid their financial problems – which could make things worse.
You can help by pointing employees towards tools to help them get better acquainted with everyday spending.
Using open finance technology, Money Mindset also allows employees to connect and view all their financial accounts in one place, helping them form healthy habits and make confident decisions about their money.
MoneyHelper also includes online calculators and comparison tools to help employees navigate different areas of their finances, including credit cards, mortgages, and pensions.
In it together
When it comes to financial stress, it's essential for people to remember they’re not alone. Many others may be in the same boat or have experienced money worries in the past.
Providing support in the workplace can help manage the pressures many of us may face – before they reach boiling point.
In partnership with Standard Life
Standard Life are part of Phoenix Group, the UK’s largest long-term savings and retirement business. We both share an aligned ambition to help every customer enjoy a life full of possibilities.
