The Business Case for Workplace Financial Wellbeing
Workplace wellbeing programs have become an increasingly important part of how organisations support their people – and the most effective programs go beyond simply ticking a box.
HR and People & Culture leaders have the opportunity to create programs that genuinely improve employees’ lives, while contributing to a more resilient, engaged and productive workforce.
And financial wellbeing has a key role to play.
When employees feel more confident about their finances, they’re better equipped to plan for the future, navigate unexpected challenges and focus on the things that matter – both at home and at work.
The business case for supporting financial wellbeing is strong. An ASIC and Beyond Blue report in 2022 found that financial wellbeing is the biggest issue impacting mental health, with people experiencing financial challenges at least twice as likely to encounter mental health issues as those who aren’t.
The numbers tell the story.
The business case for financial wellbeing
Employees who feel their workplace supports wellbeing take 15% less personal leave (WorkScore)
71% of employees think about their finances during the working day (TMC, 2026)
76% of employees are stressed about money (TMC, 2026)
Financial wellbeing is the #1 issue impacting mental health, more than any other factor (ASIC & Beyond Blue)
34% of Australians say financial stress is their biggest life stressor, compared with only 15% who nominate work overload (Employment Hero, 2024)
At The Money Collective, we collect data from workplaces across a broad range of industries, organisation sizes and employee demographics. What we’ve found is remarkably consistent: regardless of industry, seniority or demographic, financial wellbeing matters to employees.
Our employee self-assessments show that 39% of people spend two or more hours during the working week thinking about their finances – time and mental energy that can inevitably affect focus and productivity.
What is financial wellbeing?
So, what does financial wellbeing actually mean? We define it as when a person:
Can fully meet current expenses and ongoing financial obligations with some left over.
Feels financially secure, now and for the future.
Is able to make choices that allow them to enjoy life.
To uplift financial wellbeing you, need to:
Understand your money beliefs, values, and connection to your spending habits.
Know where your money goes.
Enhance your budgeting skills and systems.
Learn about the products that you use, including how they work, and their terms and conditions to know whether they meet your needs.
And build your financial resilience:
Set short and medium-term financial goals, and be deliberate to contribute savings towards them.
Build backup plans for unexpected life events.
What a financially resilient team looks like
At The Money Collective, our goal is to help organisations build positive, engaged and productive teams through stronger financial wellbeing.
Censuswide survey data from the Nudge Global Financial Wellbeing Report 2024 shows that 80% of people believe having a better understanding of their money would increase their chances of achieving their life goals.
The same survey found that people with higher confidence in their financial literacy are 4.6 times more likely to have a financial plan than those who lack confidence.
The connection is powerful: greater financial literacy can support better planning, which in turn can help people make progress towards the things that matter to them.
Of employees who are on track with their financial goals:
84% are happier (vs 55%)
78% are more engaged (vs 53%)
85% are more productive at work, satisfied with their jobs and committed to their organisation’s goals (vs 61% of employees who are not on track financially) (MetLife, 2019)
Financial resilience isn’t about having every aspect of your financial future mapped out. It’s about knowing you’re on the right track, while being prepared for the unexpected.
It’s a theme we explore in Episode 11 of our podcast, Financial Wellbeing with The Money Collective: Retirement, Relationships and Making Sure You’re on the Right Track, including the value of asking “what if?”, preparing for life’s unexpected twists and turns, and finding the balance between enjoying life today and planning for tomorrow.
We make it easy
As Australia's leading workplace financial wellbeing solution, we’re here to support you – whether you’re integrating financial wellbeing into your current wellbeing strategy, or designing a new program.
Investing in financial wellbeing doesn’t need to mean adding another disconnected initiative to your wellbeing calendar.
Our Financial Resilience Program is a high-impact, cost-effective solution designed to create lasting financial change for your workforce. This 12-month program embeds financial wellbeing into your organisation, ensuring long-term engagement, measurable impact, and real financial confidence for employees.
Every program is tailored to your organisation, and we make implementation simple – from helping you drive employee engagement to tracking and demonstrating the impact of your investment. You’ll receive clear reporting and data, including:
Utilisation and attendance rates
Financial wellbeing data to measure impact & uplift
Benchmarking
Quarterly Reporting
Employee feedback
Ready to explore what financial wellbeing could look like in your workplace? Register for our next Workplace Information Webinar on 25 August or book a free discovery call with our founders.
Blog article by:
MEL PEARCE
Financial Wellbeing Consultant and Co-Founder
The Money Collective