Busting the Biggest Myth About Workplace Financial Wellbeing
As an HR manager or leader, it’s easy to assume: “Our Employee Assistance Program already covers financial wellbeing.” But what many people don’t realise is that there’s an important piece of the puzzle missing.
Most EAPs do offer a range of benefits, including crisis counselling support, available to any employees who are going through a tough time, personally, professionally or even financially.
While this service is important, it’s completely different to what we offer here at The Money Collective – a dedicated Financial Resilience Program that proactively improves financial wellbeing through education, personalised one-on-one guidance, and practical tools.
How EAPs and financial wellbeing programs differ
EAPs offer vital support to those in emergency situations. However, this support is reactive rather than proactive. It helps people who are already struggling – but what systems are in place to prevent that happening?
A financial wellbeing program, on the other hand, proactively builds the capability and confidence of employees, helping to prevent serious problems developing in the first place.
Both have their place within an organisation, but the difference between the two programs is clear.
How is our Financial Resilience Program different?
At The Money Collective, our Financial Resilience Program has been designed to fill the gaps EAPs don’t cover.
We educate employees about what financial wellbeing actually is, and give them the tools and knowledge to improve it in their own lives.
We help them feel confident about their money and positive about the future, whatever their current financial circumstances. This can lead to real, tangible outcomes, such as setting a budget, working towards financial goals, paying down debt, buying their first home or planning for retirement.
Studies have shown that when people feel less worried about their finances, they’re happier and more engaged at work.
That’s because financial wellbeing is holistic – it goes beyond managing money to fostering security and peace of mind.
“But employees don’t want to talk about their money.”
This is another big one we hear from managers. Thankfully attitudes towards money are changing, and embarrassment around discussing finances has dropped significantly (PwC, 2023).
As money mentors and financial change experts, this is music to our ears. The more we get comfortable having these conversations, the less shame and stigma people will feel around money – and the better they’ll be able to challenge the habits and ingrained beliefs that keep them stuck.
Whether people realise it or not, their money mindset influences their financial decisions – and understanding themselves more deeply can help them create meaningful change.
It’s something we’re incredibly passionate about and explored in depth during a recent episode of our Financial Wellbeing with The Money Collective podcast: Money Mindsets, Big Dreams and Savings Stress.
Talk to the trusted financial wellbeing experts
We’re Australia's leading workplace financial wellbeing solution – and we work in this space because we’ve seen firsthand the difference it can make to your employees’ lives.
If you’re looking for an organisation you can trust, a passionate team that delivers and proven systems that make it easy to implement, promote and track the impact of your financial wellbeing program, you’ve come to the right place.
Discover more about our founders Mel and Darlene, the humans behind The Money Collective movement, here.
You already offer an excellent EAP. Now, let’s complement it with a world-class financial wellbeing program and make your employee offering the best it can be.
Ready to explore what financial wellbeing could look like in your workplace? Register for our next Workplace Information Webinar or book a free discovery call.
P.S. Want to know more about why a workplace financial wellbeing program makes sense in your organisation? Read our article The Business Case for Workplace Financial Wellbeing.
Blog article by:
MEL PEARCE
Financial Wellbeing Consultant and Co-Founder
The Money Collective