Financial education and wellbeing tools in the workplace are critical to improving employee financial literacy, wellbeing and retention.
That was the main takeaway from a Benefits Expert summit presentation by Natalie Jutla, benefits and employee financial wellbeing lead at the Department for Environment Food and Rural Affairs (DEFRA).
Jutla highlighted widespread financial stress, citing that 70% of the UK population is worried about finances, credit markets underserve 73%, and 31% of households with children are concerned about heating costs. She linked these challenges to the ongoing cost-of-living crisis, compounded by the pandemic, fuel crisis, and political instability, which have significantly impacted financial and mental health.
Jutla noted that financial stress affects workplace productivity, driving absenteeism and presenteeism. More than three-quarters of employees stated they would be attracted to companies prioritising financial wellbeing.
She categorised employees into five groups—strugglers, copers, builders, planners, and prosperous—but explained these categories shift over time due to life events or economic changes, making it crucial for employers to continually reassess employee needs.
She advocated for financial wellbeing tools, open discussions about financial issues, and regular education to address these challenges, improve employee support, and foster a caring workplace culture.
Jutla said: “If you treat an employee well when they’re at their lowest, they will do anything for you when things get better for them. The way you increase retention is by showing employees you actually listen to them and care about them.”
She added: “It’s really important that we create a culture where our employees are happy to talk about everything, at least in a safe space. Maybe not with a line manager, but they have somewhere to go. Money is still one of those things no one talks about.”
