Rethinking financial wellbeing: from pensions to personal finance

Financial wellbeing is firmly on the employer's agenda. But while awareness is high, delivery is still catching up.

Employers recognise the importance of financial wellbeing, but many are still working out how to deliver meaningful support. A practical, life-stage driven approach can help close the gap between ambition and impact.

Most organisations understand the link between financial wellbeing, employee experience, and business performance. The challenge is turning that intent into support that genuinely helps employees in their day-to-day lives.

Bridging the gap between strategy and delivery

Financial pressures continue to affect employees in real ways, with money worries impacting focus, decision-making, and productivity.

At the same time, demand for support is growing, with employers looking for practical ways to improve financial confidence across their workforce. Yet many (85%) are still at an early stage, and structured approaches are not yet fully embedded.

This creates an opportunity for reward and benefits teams to focus less on intent and more on delivery.

Broadening the focus beyond pensions

Workplace pensions remain a vital part of financial wellbeing. But for many employees, more immediate priorities- such as managing bills, building savings, or paying down debt - come first.

When day-to-day finances feel uncertain, long-term planning can feel less relevant. Wider research reflects this, with fewer than half of UK adults (only 45%) feeling positive about their financial situation.

That is why financial wellbeing strategies need to reflect the full range of financial challenges people face which, in turn, will build financial resilience levels and make it easier to engage with long-term savings planning.

Taking a life-stage approach

Employees’ financial needs change over time, shaped by career stage, personal circumstances, and life events.

Early in the life savings journey, employees are saving for a property, or holidays, while mid-career employees’ focus shifts to paying off debt or family finances. Later on, employees may shift their attention to retirement planning.

Recognising these differences allows employers to offer more relevant support. Personalised tools, tailored communications, and flexible programmes can help employees engage with their finances in ways that feel manageable and useful.

Turning insight into action

Many employers already have access to insight. The challenge is using it to drive action.

Standard Life’s 2025 Retirement Voice research shows that employees who actively engage with financial planning are more likely to feel confident and in control. But awareness alone is not enough.

Effective strategies usually combine:

Education – clear, accessible information
Tools – practical help with budgeting, saving, and planning
Engagement – regular communications that encourage action

Together, these help move employees from awareness to behaviour change.

Using technology to personalise support

Technology is playing a growing role in making support more personalised.

Digital tools can help employees build a clearer picture of their finances, with tailored insights and guidance. For employers, this means support can be delivered at scale while still feeling relevant to individual needs.

This might include personalised recommendations, real-time financial information, or a more joined-up view of short- and long-term goals.

Keeping inclusion front of mind

Financial wellbeing strategies also need to reflect the diversity of the workforce.

Different employee groups may face different challenges depending on income, life stage, and personal circumstances. Taking an inclusive approach helps ensure support is relevant and accessible to all.

This can improve engagement, reduce gaps in financial confidence, and support better outcomes.

A practical starting point

An effective strategy does not need to begin with a complete overhaul. Small, targeted steps can make a meaningful difference, such as:

Making financial education easy to access
Providing tools for everyday financial decisions
Aligning support to key life stages
Using insight to refine programmes over time

For employers with Standard Life there’s a guide to help support the creation of effective campaigns. Even small improvements can have a positive impact on confidence and engagement.

Time for action

Financial wellbeing is moving from awareness to action- but there is still more to do.

By broadening the focus beyond pensions, taking a life-stage approach, and prioritising practical delivery, employers can create strategies that better support their people.

Ultimately, financial wellbeing is about helping employees feel more confident and in control of their money- both now and in the future.

This information is not intended to be financial advice.