Financial Wellbeing

Survey Highlights Lack of Financial Support in the Workplace

Despite the unprecedented financial pressures on employees owing to the cost of living crisis and more recently the conflict in Iran, most organisations do not have a financial wellbeing policy or strategy.

That’s the finding of the CIPD Reward Survey: Focus on employee benefits, published last month (February), which revealed only 15% of all organisations surveyed have a formal financial wellbeing policy or strategy. 

Similarly, only 41% of organisations agreed or strongly agreed that their organisation is responsible for supporting financial wellbeing by offering employee benefits that stretch the value of their employees’ take-home pay and reduce the risk of facing financial difficulties.

These figures are worrying given how often financial stress has a negative impact on engagement, absence and performance. Financial stress doesn’t stay at home; it follows employees into the workplace, impacting concentration, decision-making and overall performance. In another survey by the CIPD (Good Work Index 2025) 31% of the 5,017 workers questioned admitted that money worries had negatively impacted their work performance. 

Financial wellbeing and performance

For businesses, it’s not just a wellbeing issue – it’s a productivity and performance risk. Ensuring staff are sufficiently financially rewarded to the extent that they can pay their bills is important not just for employee wellbeing but also for positive organisational outcomes. The Good Work Index shows that being able to keep up with bills correlates with better reported job satisfaction and performance, a more positive impact of work on mental health and a greater chance of employees recommending their employer

Despite this clear link, 29% of respondents to the rewards survey said having a financial wellbeing policy or strategy is not a priority, while 25% said they do not have the time, money or expertise to create one. Even more striking is that only 39% of organisations feel responsible for signposting financial guidance.

Perks are easy, meaningful support is harder

Professional bodies like the CIPD strongly advise employers to prioritise pay and financial wellbeing support where possible, but many organisations still prioritise traditional, low-impact benefits like social events, snacks and standard leave policies. While these contribute to culture, they do little to address the real financial challenges employees are facing day to day. 

The good news for businesses who recognise their responsibilities and want to close the gap between long-term strategy and real-time need is that the starting point doesn’t need to be complicated or expensive. Platforms like Givicle enable employers to step in quickly and support employees when they need it most, particularly during periods of financial pressure such as rising energy costs. 

Through the platform employees can anonymously download prepaid grocery vouchers which can be immediately redeemed at most major UK retailers, either in store or online. Employers set the voucher amount and frequency and have access to a dashboard showing various statistics, including the transaction history and how much is left in the ‘giving pot’. Information like the names of the employees is not visible. If a voucher isn’t used, there’s no cost to the employer. Other people in the organisation can also choose to donate to the pot as a one-off-payment through payroll, helping to foster a culture of kindness. 

From cost to competitive advantage

In addition to reaping the benefits of improving your employees’ financial wellbeing in terms of improving productivity and engagement at work, Givicle also gives employers an opportunity to clearly differentiate themselves from their competitors. Alongside existing reward and recognition programmes, introducing solutions that provide immediate, practical support during times of financial hardship can make a real impact on employee experience.

Financial wellbeing is often viewed as an added cost but in reality, it’s an investment in staff recruitment and retention, engagement and performance. 

The organisations that recognise this - and act on it - will not only support their people more effectively but also strengthen their employer brand and resilience in a challenging economic climate.

Because ultimately, supporting employees through financial hardship isn’t just the right thing to do; it’s smart business.