Marvin OnumonuFinancial wellbeing is still missing from many workplace inclusion plans, according to moneyappi.
As National Inclusion Week approaches, the company called on employers to recognise that money worries are a main barrier for many staff.
Ray Law, co-founder at moneyappi, said: “Financial wellbeing is the missing link in workplace inclusion.
“Two people can be doing the same job, yet their financial situations, shaped by background, demographics and access to financial education, can be worlds apart.
“Employers who address this gap head-on will not only support their people better but also build a fairer, more inclusive workplace where everyone has the chance to thrive.”
National data showed that younger workers, women, people from ethnic minority backgrounds and staff in lower-paid roles are more likely to struggle financially.
This divide has affected productivity, retention and culture at work.
Research found that money stress was the main cause of anxiety for UK employees, with one in three saying it made it harder for them to concentrate on the job.
moneyappi set out three steps for employers to consider during Inclusion Week.
The first was to offer financial support to all staff, not just higher earners.
Fewer than one in seven low-wage workers were financially healthy, and nearly half of those earning below the Living Wage had less than £10 left after paying for essentials.
More than half could not afford an unexpected cost of £850.
moneyappi suggested that holistic support such as budgeting advice, debt help and savings plans for both short and long-term goals, and guidance for life events like buying a home or retirement.
Salary advances should only be used for emergencies, not as a regular solution, according to moneyappi.
The second step was to provide tailored support for different employee groups.
Low-paid workers facing financial difficulties were more likely to be women, aged 30 to 49, or caring for someone with a disability.
Pay volatility affected 14% of workers, and those with no savings faced hardship when income dropped even slightly.
moneyappi suggested options like childcare cost workshops for parents, pension support for older staff and culturally sensitive information for diverse communities, delivered through apps, webinars and one-to-one sessions.
The third step was to normalise conversations about money to reduce stigma.
Despite money worries being common, only 6% of staff spoke to a manager, colleague or professional.
14% said they had no way to cope and one in five avoided thinking about their finances altogether.
moneyappi said employers could train managers to discuss financial wellbeing, include it in wider wellbeing communications, and run campaigns to encourage open conversations.
Law added: “Inclusion is about belonging, and it’s hard to feel like you belong when you’re stressed about paying your bills.
“Employers have an opportunity to empower their people by embedding financial wellbeing into their inclusion plans this September.”
