Rethinking financial wellbeing: from pensions to personal finance

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Financial wellbeing is a growing priority for employers. But creating meaningful impact means going beyond pensions and offering practical, relevant support that reflects employees’ day-to-day financial lives. 

Financial wellbeing is now firmly on the employer agenda. Most organisations recognise the link between financial confidence, employee experience and business performance. 

However, while awareness is high, many employers are still working out how best to deliver support that genuinely meets employees’ needs. 

Bridging the gap between ambition 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 financial wellbeing support is growing. Employers are increasingly looking for practical ways to help improve financial confidence across their workforce. 

Yet many (85%) are still at an early stage. While the intent is there, structured and consistent approaches are not always in place. 

This creates an opportunity to focus on what works in practice—moving beyond strategy into effective delivery.

Looking beyond pensions

Workplace pensions remain a vital foundation. But for many employees, more immediate concerns—such as managing bills, building savings or paying down debt—often take priority.  

When day-to-day finances feel uncertain, long-term planning can feel less relevant. Research shows that fewer than half of UK adults (only 45%) feel positive about their financial situation, highlighting the scale of the challenge.  

Supporting employees therefore means taking a broader view, addressing both short- and long-term financial needs.

Taking a life-stage approach

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

For example: 

• Early career employees may need help with saving for a property, or holiday 
• Mid-career employees may focus on paying off debt or family finances 
• Later career employees may start to prioritise retirement planning 

Recognising these differences allows employers to offer more relevant and targeted support. Personalised tools, clear communication and flexible programmes can help employees engage with their finances in ways that feel manageable and meaningful for the short- and the long-term.

Turning insight into action

Many employers already have access to data and insight. The challenge is using this to encourage action. 

Standard Life’s 2025 Retirement Voice shows that employees who take steps to understand and manage their finances are more likely to feel confident and in control.  

In practice, effective financial wellbeing strategies tend to combine three key elements: 

• Education – clear, accessible information 
• Tools – practical support for budgeting, saving and planning 
• Engagement – regular communications that encourage action 

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

Using technology to support engagement

Technology is playing an important role in delivering more personalised financial wellbeing support. 

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

This may include personalised recommendations, real-time financial information, and a more connected view of short- and long-term goals.

Keeping inclusion in mind

A successful strategy should also reflect the diversity of the workforce. 

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

A practical starting point

Getting started does not need to be complex. 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 incremental improvements can help build confidence and engagement.

Time for action

Financial wellbeing is evolving—and employers have an opportunity to make a real difference. 

By looking beyond pensions and focusing on practical, relevant support, organisations can help employees feel more confident and in control of their finances—both now and in the future. 

 

This information is not intended to be financial advice. If unsure, employees should speak to a financial adviser.