Marvin OnumonuThe Policy Liaison Group on Workplace Wellbeing was invited to the Guildhall by the City of London Corporation for a roundtable on boosting financial wellbeing in the workforce.
The roundtable followed HM Treasury’s Financial Inclusion Strategy, published in November.
The discussion looked at the role employers can play in supporting financial wellbeing, improving retention and productivity, and backing economic growth.
Recent data from Zellis found that 92% of employees had financial stress in the past year, with 89% saying it affected their work.
A key takeaway was the need for employers to make the business case for supporting workers with their finances.
The consensus was that employer leadership, clear regulatory direction, and collaboration with Government and providers are needed to turn policy into workforce impact.
Gethin Nadin, chair of the Policy Liaison Group on Workplace Wellbeing, Zellis and Benifex, said: “Trust sits at the heart of this debate.
“The data proves that employers occupy a uniquely influential position – usually over and above that of traditional financial institutions.
“The state of the nation’s savings, coupled with the link between financial wellbeing and mental health, demands much greater support from UK workplaces.”
Nadin added: “Financial inclusion is firmly on the radar in Westminster.
“It is incumbent on employers to showcase what good looks like to encourage the government to build on their financial inclusion strategy and play a more proactive role in supporting employers.”
Michelle Sutton at SUEZ, said: “When we moved to automatic enrolment, participation rose to 50%.
“By removing the noise, the inertia and the low confidence, we made it easier for people to take action, and colleagues who had never saved before were suddenly building savings, feeling more confident and genuinely happier.
“If you want to be known as a business that truly cares for its workforce, this is about systems thinking and looking at the bigger picture.”
Sutton added: “We renewed our programme by being able to clearly demonstrate the ROI, driven in large part by our discount and vouchers platform.
“Those savings make a real, measurable difference to employees’ net income, turning financial wellbeing from a ‘nice‑to‑have’ benefit into a powerful retention and recruitment tool.”
Rachel Harte at Hastee, said: “Earned wage access is becoming increasingly adopted for its proven ability to support employees’ financial wellbeing by giving them timely access to pay they’ve already earned.
“Yet despite the growing evidence of its benefits, it still faces unnecessary stigma across UK workplaces and industry.”
Clemens Moehring at Hastee, said: “Smaller businesses often struggle to build a clear and credible business case for investing in financial wellbeing.
“With over 60% of the UK population employed by small and medium-sized enterprises, it is essential that the benefits of these solutions to UK productivity and every business’s bottom line are better understood.”
Shamira Graham at Onebright, said: “We are seeing financial concerns among those seeking psychological support rise sharply, with rates doubling in recent years and even higher among those with severe depressive disorders.
“Financial strain and common mental health problems have a bidirectional relationship, in which financial difficulties exacerbate symptoms such as anxiety and depression, while these symptoms impair cognitive functioning, decision‑making, and occupational performance, thereby increasing the risk of further financial hardship.”
Maria Paviour at Optimism Consulting, said: “Often the financial wellbeing debate focuses on education.
“However, as financial stress rises, cognitive capacity narrows, which means the worst time to offer education is often when people are under the greatest strain.
“If we ignore that psychological context, even well-intentioned financial wellbeing programmes may fail to reach those who need them most.”
