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For many people, the cost of living crisis has had a lasting impact on their emotional and financial wellbeing. This Talk Money Week (3–7 November), is a great time to encourage members to talk openly about money – and help reduce stress in the process.
Financial uncertainty continues to take its toll on people’s wellbeing. In fact, according to Standard Life’s Retirement Voice 2025 report less than half of adults (45%) say they feel positive about their current financial situation.
For most, the biggest worries are those that have an immediate financial impact, such as meeting energy costs (63%) and interest rate rises (39%.)
Furthermore, our research shows that the number of people who would describe their financial situation as ‘comfortable’ is falling, dropping from 36% in 2022 to 30% in 2025.
Why it’s important to talk about money
It’s well known that getting support and talking about money worries can make a big difference to people’s financial wellbeing and resilience.
According to the Money and Pensions Service (MaPS) – whose Talk Money Week campaign runs each year – people who talk about money make better and less risky financial decisions, and feel less stressed or anxious and more in control.
Despite these benefits, the majority of people keep quiet. MaPS research from 2022 shows that 4 in 5 people struggle to talk about money. Not wanting to be judged, fear of burdening others, and shame or embarrassment were the most common reasons people gave for avoiding talking about money.
How employers can help reduce employee financial stress
It’s important for employers to recognise that financial stress can have a far-reaching impact on people’s lives – and on the workplace. In fact, research by The CIPD found that 31% of employees surveyed said money worries had negatively affected their work performance.
As we head into this year’s Talk Money Week, it’s a great opportunity for your clients to encourage members to seek support and open up about their finances. It could help to reduce stress and improve their long-term financial wellbeing.
Here are a few ideas to help your clients get started:
- Send a survey to understand member needs
For your clients’ support packages to make the most impact, it’s important they understand what’s weighing on members’ minds.
Some members might be worried about paying expensive bills or debts. Whilst for others, they might be prioritising getting on the property ladder. The only way to find out is to ask.
They could send out an anonymous survey to capture what’s worrying their members and ask what would help them. Then, they can use this feedback to create a personalised support offering that meets members’ needs.
Our ‘How to get your financial wellbeing programme started in 3 simple steps’ video guide has more tips on getting member feedback.
- Boost members’ financial knowledge
Helping members get to know their money better can go a long way to helping them feel more in control of their finances.
If your clients are with Standard Life for their workplace pension scheme, members can power-up their financial knowledge with our Good Money Moods online events. Available on-demand, these answer the questions that may be on members’ minds, covering topics such as how to create a savings plan, saving for retirement, and managing caring responsibilities.
Your clients could signpost members to external resources and guidance too. MoneyHelper, for instance, contains loads of impartial guidance on a wide range of financial topics including everyday spending, buying a house, and saving into a pension.
- Help members manage their day-to-day finances
If people don’t know how to begin managing their money, there’s a risk they may avoid their financial problems – which could make things worse.
Your clients can help by pointing employees towards tools to help them get better acquainted with their everyday spending.
Standard Life workplace pension scheme members can access tools like these through Money Mindset*, which includes a Budget Planner, Spending Insights, and a Pension Finder. Using open finance technology, Money Mindset also allows members to connect and view all their financial accounts in one place, helping them form healthy habits and make confident decisions about their money.
In it together
When it comes to financial stress, it’s essential for members to remember they’re not alone. Many others may be in the same boat or have experienced money worries in the past. Providing support in the workplace can help manage the pressures many members may face – before they reach boiling point.
For more information on how your clients can support their members’ financial wellbeing, take a look at our financial wellbeing articles for some ideas and inspiration.
To read more articles from Standard Life visit the content hub on Corporate Adviser – here.
*Money Mindset is provided in partnership with Moneyhub Financial Technology Limited
The information here is not financial advice. If you’re unsure, you should speak to a financial adviser.
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