Social mobility is increasingly central to DEI. A 2024 report from professional services network PwC found that 85% of law firms now monitor it. However, socioeconomic status often correlates with lived experience around money. Companies hiring from diverse talent pools but failing to provide financial tools for success undermine their wellbeing and inclusion efforts.
Financial literacy is a key part of DEI strategy
While some companies offer stipends for interview clothing or travel, this doesn’t address the ongoing need for financial acumen in the workplace. Immediate direct support as part of talent attraction efforts is valuable, but without structured financial education, employees may lack the money management skills they need to succeed once they enter the workforce.
Read more: Financial education
Not everyone has the same level of financial knowledge. Many come from backgrounds with limited access to financial education and lack financial confidence and wider economic and commercial awareness. Financial training can create financial resilience and a sense of belonging within your organisation. Accessible and engaging resources, such as budgeting and savings workshops, on-demand financial guidance and intergenerational mentorship, can upskill your workforce and enhance peer support and inclusion.
Financial stress impacts employees’ mental health, wellbeing and job performance, particularly for those who didn’t receive financial education growing up, and who can therefore feel overwhelmed by the challenges of managing money at work. This even affects some of the UK’s highest earners.
A 2024 report from Wealthbrite found that 72% of junior lawyers say they don’t know how to budget and 48% of all lawyers turn to credit cards because they run out of money before the end of the month. Additionally, 72% of lawyers reported poor mental health related to finances, affecting work performance.
Read more: Do more to support employee financial wellbeing
When people don’t have the tools to be financially resilient, DEI strategies will fall short, leading to stressed, burned-out, and underperforming employees.
The financial confidence gap
Employees with diverse experiences often face challenges such as family financial obligations or limited real-world understanding of how money or business works. Those who didn’t have family discussions about money growing up aren’t on an even playing field with colleagues who did. While this affects people individually, a lack of financial confidence also inhibits your company’s success.
For employees to thrive at work, they need to understand how your company generates revenue and creates value for customers. This insight enables your people to understand your business's commercial dynamics, make informed decisions, and contribute to your strategic goals.
Providing financial training can improve engagement and help boost your company’s bottom line. Financially confident employees are motivated by seeing the impact of their contributions, leading to higher job satisfaction and reduced turnover. They’re also better prepared to take on leadership roles, improving their career prospects and longevity within your company.
Gen Z's workplace expectations
According to insurance group Zurich, by 2025, Gen Z will make up 27% of the global workforce and have high expectations for workplace training and wellbeing support. Companies aiming to reduce attrition rates need to deliver engaging training. Gallup analysis shows that engaged employees need a 31% pay increase to consider leaving for a new role, compared to just 22% for disengaged employees.
Read more: Financial education is now a necessity
Many employees struggle with information overload, so another email reminder or dry e-learning course won’t cut it. Employees are experiencing information fatigue, disengaging from the training resources they need to succeed.
Interactive, AI-driven learning using gamified modules, role-playing and apps could cut through and build lasting skills. Engaging younger employees about their training expectations will enhance DEI programmes, helping to attract and retain top talent.
By Carla Hoppe, the founder of ed-tech platform Wealthbrite
