Financial wellbeing has rapidly emerged as a critical component of an organisation’s wellbeing strategy, and companies have been investing significantly in this area. This has led to a surge in new financial wellbeing solutions, each offering their unique approach to improving the financial health of employees. Consequently, the key challenge for employers now is determining which solution, or combination of solutions, will have the most significant impact on their teams.

Financial wellbeing solutions are diverse and progressive, both in the products and services they provide, and in how they are delivered. Many providers harness the power of technology and digital innovation, offering scalability, personalisation and data-driven insights. With so many options available, employers might find themselves overwhelmed by choice.

Amid the often complex and costly process of selecting and implementing these solutions, it’s crucial not to overlook the pivotal role that people, particularly your employees, will play in the success of any financial wellbeing strategy pursued.

A question we ask ourselves at MONEY FIRST AID is, how can we help organisations to harness the power of human connection and conversation in an affordable way, that genuinely improves the financial health of employees and maximises the financial benefits they are offering?

Human-centred solutions to financial wellbeing

The first human-centred solutions that may come to mind are workshops and webinars. These can be highly effective for raising awareness, delving into specific financial topics, and providing a forum for Q&A. The challenges, however, are making these sessions accessible to all employees, addressing the diverse needs of individual team members, and fostering lasting change beyond the session itself. 

Another solution is one-to-one financial coaching. This is highly personalised guidance that can significantly improve the financial knowledge, confidence, and decision-making of individual employees, helping them to set and achieve specific financial goals. However, the challenges include the potential high cost of providing such individualised services, the need for employees to actively engage and trust their coach, and ensuring that the coaching is accessible and relevant to the diverse financial backgrounds and needs of all employees.

For workshops, webinars and coaching, it’s essential to ensure that any external providers can effectively communicate the full range of financial wellbeing benefits that your organisation offers. This helps to bring cohesion to all aspects of your financial wellbeing strategy, as well as maximise engagement and uptake, particularly among employees who stand to benefit the most from these resources.

How to integrate human and technology solutions for effective financial wellbeing

A third human-focused approach is training, learning and development. The CIPD Labour Market Outlook Summer 2024 found that nearly two-thirds (65%) of employers have either already enhanced or plan to enhance the training and development offered to their managers. From a financial wellbeing perspective, this is crucial, particularly in the context of the cost of living crisis when wage growth has been insufficient to fully satisfy employees’ financial needs, and people will look to their manager as one source of support.

Training managers in financial wellbeing equips them to better support their teams, fostering trust, and improving communication and uptake of available benefits. This also gives all employees access to financial wellbeing support on an ongoing basis. Additionally, it contributes to leadership development and helps cultivate a culture that values and prioritises employee wellbeing and improved financial health.

The LCP Building Better Financial Futures Report 2024 found, depending on age group, that 20-35% of employees don’t feel comfortable talking to their line manager about issues including their development, mentoring and coaching, workplace benefits or personal concerns. This means that 65-80% of employees do feel comfortable speaking with their line manager, and financial wellbeing training will ensure any money-related conversations are effective and managers feel supported with the skills and resources they need.

The 20-35% who don’t feel comfortable may look to other colleagues for support. Watercooler conversations persist, with money being a frequent topic of discussion. This is where the role of champions or ambassadors can play a crucial role, and many organisations have already adopted this approach in areas including diversity and inclusion, neurodiversity, and mental health. They break down taboos and encourage a supportive work environment. Since 2007, Mental Health First Aid England has trained over 800,000 people across 20,000 organisations. Imagine the same support available for people’s financial health.

Another important role that champions, ambassadors and trained managers can provide is a two-way channel for feedback. For example, they can share what financial wellbeing support employees need, what benefits are working well, and where improvements can be made. They can act as cheerleaders and critical friends as organisations strive to develop cost-effective and impactful financial wellbeing solutions.

In summary, innovative technology solutions and digital tools provide valuable financial wellbeing solutions at scale. Yet many employers would still like to see increased engagement rates. Some employees will struggle to engage, particularly those with various vulnerabilities or when any of us are facing financial difficulty. No matter how it is packaged, it is still tempting to avoid checking our bank accounts when we are financially stressed. Human intervention therefore remains indispensable. By thoughtfully integrating human-centred approaches, particularly training and development for critical team members, organisations can ensure that their financial wellbeing strategies resonate with employees and drive meaningful, lasting change.

Our mission at MONEY FIRST AID is to provide managers, champions, HR, and other critical team members with the skills, resources and confidence they need to have effective money conversations with their colleagues, in particular those facing financial difficulties. The training is fully online and self-paced, so it is available for busy, remote or non-desk based workers to complete around their own schedules. The course can be personalised to incorporate an organisation’s existing financial wellbeing benefits, to increase the awareness and uptake of these. And importantly, once certified, Money First Aiders will have access to the MONEY FIRST AID team and a community of other Money First Aiders to provide mentorship and support, and share best practice.