Three tips to help employees talk about money and reduce financial stress

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Financial uncertainty continues to take its toll on people’s wellbeing. In fact, according to our Retirement Voice 2025 report, less than half (45%) say they feel positive about their current financial situation.

Furthermore, our research shows that 71% of people say they have a more cautious attitude towards their finances because of cost of living issues.

Why it’s important to talk about money

It’s well known that getting support and talking about money worries can make a big difference to people’s financial wellbeing and resilience.

According to the Money and Pensions Service (MaPS) – whose Talk Money Week campaign runs each year – people who talk about money make better and less risky financial decisions, and feel less stressed or anxious and more in control.

Despite these benefits, many people keep quiet. MaPS research revealed that just 44% of people feel comfortable talking to their friends about money, and only 52% feel comfortable talking about it with their family. Embarrassment, fear of judgement, and feelings of failure were the most common reasons people gave for avoiding the subject.

How employers can help reduce employee financial stress

It’s important for employers to recognise that financial stress can have a far-reaching impact on people’s lives – and on the workplace. In fact, research by The CIPD found that 31% of employees surveyed said money worries had negatively affected their work performance.

As we head into this year’s Talk Money Week, now’s a great time to encourage employees to seek support and open up about their finances. Whatever your employees’ savings habits and approaches to financial planning, everyone can benefit from talking about money. It could help to reduce stress and improve their long-term financial wellbeing.

Here are some ideas to help you get started:

1. Send a survey to understand employee needs

For your workplace support package to make the most impact, it’s important to understand what’s weighing on your employees’ minds.

Some might be worried about paying expensive bills or debts. Whilst for others, they might be prioritising getting on the property ladder. The only way to find out is to ask.

Send out an anonymous survey to capture what’s worrying your employees and ask what would help them. Then, use this feedback to create a personalised communications campaign that meets employees’ needs.

2. Boost employees’ financial knowledge

Helping employees get to know their money better can go a long way to helping them feel more in control of their finances.

If you’re with Standard Life for your workplace pension scheme, employees can power-up their financial knowledge with our online events. These answer the questions that may be on your employees’ minds, covering topics such as how to create a savings plan, saving for retirement, and managing caring responsibilities.

You could signpost employees to external resources and guidance too. MoneyHelper, for instance, contains loads of impartial guidance on a wide range of financial topics including everyday spending, buying a house, and saving into a pension.

3. Help employees manage their day-to-day finances

If people don't know how to begin managing their money, there's a risk they may avoid their financial problems – which could make things worse.

You can help by pointing employees towards tools to help them get better acquainted with everyday spending.

Standard Life workplace pension scheme members can access tools like these through Money Mindset*, our financial wellbeing platform. It includes a budget planner, spending insights, and a pension finder, which could help them feel more in control of their finances and form healthy habits.

MoneyHelper also includes online calculators and comparison tools to help employees navigate different areas of their finances, including credit cards, mortgages, and pensions.

More ways to promote pension engagement

Every workplace is made up of different kinds of people. From planners to procrastinators, everyone has different habits, priorities, and approaches to life. By encouraging employees to talk about money, you can help make a meaningful difference to their financial futures.

We’ve created a range of campaign materials that make it easier for you to help each and every employee engage with their pension. Find everything you need by visiting our Pension Engagement Season hub.

*Money Mindset is provided in partnership with Moneyhub Financial Technology Limited.