More than half (54%) of managers who were surveyed said that they received adequate financial wellbeing support from their employer; a fifth (20%) of non-managers said the same. Financial wellbeing support can be offered through employee assistance programmes (EAPs), and can include financial education workshops.
Just over half (55%) of managers and 22% of non-managers (22%) reported that their employer has increased financial support in the last year.
HR should address the financial wellbeing support gap, according to Sam Lathey, Bippit's CEO.
Speaking to HR magazine, he said: “It would appear that non-managers are far less empowered to manage their financial wellbeing at work. They perceive far less financial support in the workplace and are an incredible 5.8 times less likely to have told their employer about their money worries.
“Organisations need to address these significant inequalities and ensure managers have the skills and training needed to fully support their people across the business.”
Read more: Employers fail to meet increased demand for financial support, research reveals
Bippit's report also suggested that managers were unaware of their employees’ financial wellbeing needs, as 67% of managers said they were confident in spotting signs of financial stress among their employees. However, managers were 5.2 times more likely to take time off due to money worries.
Separate research by HR platform Ciphr suggested that employees were struggling with rising costs amid the cost of living crisis. Its survey of 2,000 UK adults showed that 23% of adults have run out of money before pay day, and 21% of adults have struggled to pay bills or buy food.
A quarter (26%) of respondents reported looking for a better paid job, and 29% of employees attended work when they were sick, to avoid losing wages.
HR professionals should train managers on how to communicate about financial wellbeing with employees, Claire Williams, chief people officer at Ciphr, told HR magazine.
“Managers need to be mindful that everyone’s financial situation is different, and that they themselves may need extra training on recognising financial stress so that they can effectively support their teams,” she said.
“To help managers initiate financial wellbeing conversations, which may not always occur naturally, HR can embed this topic into regular check-ins and provide conversation guides.
“These guides can offer tips on discussing financial wellbeing with empathy, and directing employees to available resources. HR can then track the frequency of these conversations and reward managers who actively support financial wellness.”
Read more: Why employees don't discuss financial concerns with employers
HR leaders could also work with internal communications colleagues, to communicate available financial wellbeing support to employees, Williams added.
She continued: “Employers need to ensure that any financial wellbeing support and resources they offer, such as EAPs, guides, webinars and financial education workshops, are readily available to all workers.
“Regular internal comms from the HR team are a great way to promote this and raise awareness about the services available.”
Williams also suggested that digital financial wellbeing platforms and a support network could help employees with their finances.
“Introducing digital financial wellbeing platforms can help encourage good financial habits, giving employees access to tools like budgeting apps, debt management services and retirement planning resources,” she noted.
“HR can also consider introducing a network of champions across the business, representing different teams, who are trained to provide information and direct their colleagues to appropriate resources.”
Bippit surveyed 2,000 UK employees and 500 senior HR professionals for The Inclusion Edition 2024. Ciphr surveyed 2,000 UK adults, 64% of which were employed, in August 2024.
