Employee financial wellbeing is a key concern for businesses because money issues lead to increased stress levels and can impact productivity in the workplace.

According to Channel Eye, a 2023 survey of over 600 workers in the Channel Islands found that 40% of people were stressed and anxious about their finances.

This figure could be higher in 2026 as the cost of living continues to increase.

As such, some of your employees are likely worried about their finances. To support them, it’s important to make employee financial wellbeing a core part of your business, rather than an afterthought.

Here are five ways to achieve this.

1. Normalise financial conversations in the workplace

Many of us are reluctant to talk about money. Research from the Money and Pensions Service shows that only 44% of people feel comfortable discussing it with friends, and just 52% will have financial conversations with family.

If more than half of people are unlikely to confide in friends, they may be even less likely to talk about money at work. This could mean that financial wellbeing issues go unnoticed, and employees fail to access the vital support you offer.

So, it may be worth fostering a culture of openness in the workplace and normalise financial conversations.

You may benefit from:

• Training management to help them navigate sensitive conversations about finances
• Being more transparent about salary and pay bands, where applicable
• Reassuring employees about confidentiality
• Creating anonymous channels for raising financial concerns.

If management leads by example, you can encourage your employees to discuss their finances regularly. This is the first step towards making financial wellbeing a core part of your company culture.

2. Invest in education for your employees

Often, poor financial wellbeing comes from a lack of education. If your employees don’t understand basic concepts such as budgeting and regular saving, it’s hard for them to manage their money, especially as the cost of living rises.

Equally, they might not understand more complex issues about saving for retirement or investing their wealth.

By providing financial education and resources, you can help your employees take control of their money.

They can find a range of tools on the ZIO app to help them learn more about their pensions and general finances. We are also available to deliver educational sessions in the workplace.

3. Consider payroll-linked savings

Supporting employees when they face specific money worries is important. However, to make financial wellbeing a core part of your business, you need to embed it into existing processes.

Payroll-linked savings are an effective way to achieve this. Please contact us to discuss how we can support you and your team.

4. Review your pension provision

Pensions are another key benefit you can offer to help your employees improve their finances and feel more confident about their long-term stability.

You may want to review your pension provision and consider whether you could offer your employees greater support by matching or increasing your contributions.

The educational provisions discussed earlier can also help your employees take control of their pensions, so they can make important decisions about how much to contribute and where to invest their savings.

We can provide pension presentations for your team if you are using one of our Master Trust pension plans. 

5. Track the benefits of improved financial wellbeing

The changes outlined above could help you embed financial wellbeing into your company culture and make a real difference to your employees. However, you can’t know whether your efforts are worthwhile unless you track the benefits.

You may want to include questions about financial wellbeing in your annual reviews with employees, for example. Asking whether people are happy with their pensions and other benefits, and if they have any money worries, tells you whether financial wellbeing is an issue.

You can also see improvements year-on-year as you focus more heavily on supporting your employees financially.

Get in touch

We can work with you to create a benefits package that puts employee financial wellbeing front and centre.

You can email admin@rfsl.co.uk to learn more about our services today. Alternatively, call 01534 502000 in Jersey or 01481 747940 in Guernsey to discuss how we could support your business.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

A pension is a long-term investment not normally accessible until 50. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Rossborough Financial Services Limited is regulated by the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998 and licensed by the Guernsey Financial Services Commission.