Money matters: supporting financial wellbeing at work (Swindon Mindful Employer Network)
Earlier this month, we were pleased to welcome attendees to the first Swindon Mindful Employer Network event of the year - a collaboration between Business West, Swindon Borough Council and Swindon and Gloucestershire Mind.
Timed around the end of the tax year and Debt Awareness Week, alongside ongoing cost-of-living pressures, the event explored the practical steps organisations can take to reduce stigma, improve the financial resilience of their staff and support wellbeing at work.
The mental health impact of financial stress
Lynette Buebird, mental health trainer at Swindon and Gloucestershire Mind, opened the session by exploring the impact of financial stress on mental health, particularly during the cost-of-living crisis.
Attendees were introduced to the ‘revolving circle’ of money worries and how difficult it can be to get out of this. Financial unpredictability triggers the fight-or-flight response; when the brain views a situation as a survival threat, rising cortisol levels can lead to heightened anxiety, poor decision-making and reduced ability to plan long-term.
A ‘budget buster’ exercise encouraged audience participation, where small groups were given ten pennies to allocate across typical daily expenses. This resulted in some interesting reflections, such as trade-offs between heating and food, and unexpected costs, such as boiler breakdowns, that were rarely accounted for. The exercise highlighted how fragile many household budgets are. In fact, attendees learned that, alarmingly, 20% of the UK population have less than £100 in savings, and one in three families in Swindon are struggling financially.
Health impact and barriers
Financial stress is associated with a range of impacts: increased sick days, respiratory illness, chronic stress and anxiety, shame, loss of control and social isolation. Sadly, many people feel unable to talk about their money worries due to feelings of embarrassment, social comparison and fear of being judged. Interestingly, employers can even sometimes unintentionally increase pressure by arranging collections or crowdfunding for birthdays or other events.
Most vulnerable groups highlighted
During the audience discussion, several groups were identified as being particularly susceptible to financial stress. These included:
- Women, who are statistically more likely to work part-time and may experience issues such as period poverty.
- Men, who may face cultural expectations to act as the primary financial provider.
- People with disabilities, whose energy costs can be higher due to additional needs.
- Young people, who are increasingly affected by rising rental costs.
- Older individuals, who may face financial pressures related to pensions.
- Single-person households, where the full burden of household costs cannot be shared.
How can employers help?
There are many ways that employers can help mitigate employee financial stress. Using safe and supportive language is vital to avoid further impacting mental health. Active listening is key and involves being empathetic, non-judgemental and genuine. Lynette encouraged organisations to set a monthly wellbeing challenge using the Five Ways to Wellbeing framework, and to conclude, asked employers to intervene early, reduce stigma and make support visible.
Financial wellbeing in the workplace
Next up was Clare Stinton, Financial Wellbeing Lead at Hargreaves Landsdown*. Clare opened her session by providing insight into the state of the nation’s finances, using national datasets and household breakdowns.
Attendees were informed that:
- Inflation remains above the Bank of England’s 2% target (around 3%).
- Food inflation is around 3.6% annually.
- One in two renters report poor or very poor financial resilience.
- One in five adults lack confidence in managing money.
- One in three report low financial knowledge.
Looking at household insights, single households face a 'single penalty' - around £600 more per month on essentials compared to couples.
The link between money and mental health
Financial worries are reportedly the biggest cause of stress outside of work. Attendees heard that four in ten employees say that financial stress impacts their productivity, and often financial strain delays life milestones such as home ownership. This can have a negative impact on self-worth and confidence. It was stressed that financial wellbeing is a core pillar of overall wellbeing, alongside physical, social and mental health.
To help employees, Hargreaves Lansdown has a ‘5 to Thrive’ financial framework, intended to help with financial resilience. Additionally, their Bristol financial resilience action group (BFRAG) exists to support local employers by offering free financial education webinars and guides for their employees.
How can employers help?
Employers can significantly influence employees’ financial resilience. For example, clear and consistent communication includes simplifying complex financial information and using various methods of communication to reach staff. Promoting available financial education materials and flexible pension contributions are other ways to help.
Other tips included aligning with national financial awareness campaigns, such as Talk Money Week in November, and ensuring that any advice to employees is regulated and credible.
To conclude her presentation, Clare reframed budgeting:
“Living without a budget is like travelling across the country without a map...you can do it, but it’s much harder.”
Useful tax advice was also provided. For example, using the ISA allowance before it resets, as even £25 per month into an ISA can build long-term resilience.
Key takeaways from the day
- Financial wellbeing is not separate from mental health; it is deeply interconnected.
- Stigma around money remains high.
- Employers play a preventative role, not just a crisis response role.
- Language matters.
- Clear communication and consistent support build resilience.
- Small actions (ISA savings, pensions, PSR awareness, active listening) can make a meaningful difference.
Useful resources
The presentation slides from this event are available to download for those who missed the event or want to revisit the content – click here for Lynette’s slides and click here for Clare’s slides. Swindon and Gloucestershire Mind shared a list of support organisations for signposting to employees. Hargreaves Lansdown shared their household budget planner.
The next session on 6th May will focus on tackling loneliness and isolation in the workplace. Make sure you register your free place to attend.