Tom Eyre, Co-CEO and Co-Founder of Loqbox
Tackling money worries for your employees at work isn’t just about being a good employer – it’s about building happier, stronger teams, writes Tom Eyre, Co-CEO and Co-Founder of Loqbox.
Money worries don’t stay at home – they often follow employees into the workplace. It’s tough to stay present in a meeting when you’re worrying about paying an overdue gas bill or whether your wages will stretch to the end of the month. For employees, financial stress is exhausting; for businesses, it’s disruptive. Lower productivity, more absences, and plummeting morale are just a few of the inevitable effects.
But businesses have a powerful opportunity to step in and tackle the root of the problem. Perks like gym memberships, free coffee or ‘pizza Fridays’ are nice for sure, but they don’t address the core issue. Addressing financial wellbeing does. Put simply, if employees feel more confident about their money, this will be reflected in their workplace performance and satisfaction.
Why financial wellbeing matters
Financial wellbeing isn’t just about covering the essentials like rent or the weekly grocery shop. It’s about feeling prepared – knowing you can handle a surprise car repair or plan for a family holiday without panic setting in. It’s the peace of mind that comes from knowing you’ve got a safety net and a plan for the future.
Yet, for many, this isn’t the reality. Research from the Money and Pensions Service (MPS) highlights the scale of the issue: over half of adults (54%) report that financial concerns leave them feeling anxious, depressed or overwhelmed. Debt adds another layer, with people facing financial stress being 3.5 times more likely to report mental health challenges.
It’s also telling that nearly half of UK adults – around 14 million people – who’ve experienced financial struggles say poor money management skills were part of the problem. And it’s not just those in difficulty; about 24 million adults admit they don’t feel confident managing their money day-to-day.
How businesses can step up
Supporting financial wellbeing starts with listening and understanding the unique challenges employees face. These challenges vary widely, influenced by roles, circumstances and life stages. For some, it’s about making ends meet each month or tackling debt, while others might be focusing on building savings or balancing the costs of childcare and commuting.
The changing nature of work makes this even more important. Many employees now work in hybrid roles or the gig economy, with irregular pay and uncertain job security leaving them particularly vulnerable to financial stress. Traditional benefits and quirky perks don’t address these challenges, but businesses that tune into employees’ needs can design solutions that truly make a difference.
It’s not just about delivering a one-size-fits-all programme. Employers are ideally placed to create a culture where talking about money feels normal, not awkward. Normalising conversations about finances helps to break the stigma, making it easier for employees to ask for help and take control of their situations.
Businesses who take the time to understand these individual struggles are better positioned to offer useful and appreciated support.
Why financial wellbeing is good for business
Investing in financial wellbeing goes beyond being a good employer – it’s a good business move. According to the Centre for Economics and Business Research (Cebr), 4.2 million workdays are lost annually in the UK due to employees’ poor financial wellbeing. And it’s not just about absenteeism – 77% of workers admit that money worries impact their performance at work.
That’s a lot of productivity slipping through the cracks. Research backs up the link between employee wellbeing and productivity: a study by Oxford University’s Saïd Business School found that happier employees are 13% more productive, while Gallup’s research highlights that engaged and happy workers drive higher profitability and performance.
An employee juggling rising rent, a credit card balance that never seems to shrink, and the constant pressure of life’s daily expenses, might be seated at their desk, but their thoughts are elsewhere.
When employees feel secure about their finances, they’re not just clocking in – they’re fully focused and ready for the day. Less financial stress means sharper minds, smoother teamwork, and a workplace with a positive buzz. It’s not just about showing up; it’s about showing up engaged.
And here’s the thing: businesses that step up and offer this kind of support don’t just see happier teams – they gain an edge in keeping hold of great people. In a world where finding and holding onto talent is tougher than ever, that’s a win that’s hard to ignore.
Small steps, big results
You don’t need to start from scratch to make a meaningful change. Simple initiatives can have a big impact. For example, budgeting workshops or debt management sessions can equip employees with practical skills they can put into action.
Digital tools can also be powerful. Apps that track spending, encourage saving or help employees build credit provide personalised support without requiring a major investment from the business. The more tailored the resources, the greater the impact.
For companies looking to go further, professional financial coaching or bringing in-house financial expertise can deepen the impact.
Simple but thoughtful initiatives show employees that their employer genuinely cares about their future. More than offering benefits, this establishes a culture of support and empowerment.
Learning from real-life examples
At Loqbox, we’ve worked with businesses that have made financial wellbeing a priority and seen rewarding outcomes. Our credit-building tools and savings plans can be added into employee benefits packages, for example. Loqbox members who have used these tools have given overwhelmingly positive responses, including feeling less stressed about money and being more focused at work.
Employers benefit too, with improved employee retention, reduced absenteeism and stronger, more collaborative teams. It’s proof that investing in financial wellbeing creates a win-win for everyone.
Thinking bigger
Supporting financial wellbeing isn’t just a feel-good exercise- it’s an investment in your team’s potential and your business success.It’s recognising that every employee’s financial challenges are unique.
Imagine if conversations about money at work were as common as career development chats or personal development reviews. Offering guidance on budgeting, savings or credit improvement doesn’t just help employees thrive – it shows them they’re valued as people, not just workers.
This isn’t just about ticking a box, it’s a smart investment into your team’s future. When businesses make financial wellbeing a priority, they don’t just build stronger teams – they build a culture of loyalty and success. So, the question isn’t whether financial wellbeing belongs in the workplace – it’s why more employers aren’t making it a priority.
