The 10 pillars of employee financial wellbeing are key areas that help support staff in feeling more secure, in control and confident about their money. They cover everything from budgeting and saving to debt management, financial education and access to emergency support.
When employers focus on these core areas, they help reduce money stress, improve mental health and boost productivity at work. Together, the 10 pillars create a strong foundation for a healthier, more financially resilient workforce.
When people feel financially secure, their mental and physical health is usually better. Money worries are one of the biggest sources of stress. They can affect sleep, relationships and focus at work. That’s why financial wellbeing at work matters. It helps employees feel more supported, which can lead to better productivity and lower absence.
So, why is financial wellbeing important? It’s important because it impacts every part of life, from health to happiness to performance.
To help, the Money and Pensions Service have created a simple framework. It’s called the 10 pillars of employee financial wellbeing. These pillars offer helpful ways for employers to support staff. It can also build a culture where financial confidence is possible.
Start building a financial wellbeing strategy that works for your team
1. Tips to help employees maximise their earning potential
Maximising earning potential is the first step towards stronger financial wellbeing. It’s about making the most of what someone can earn now. It’s also about setting them up to grow their income in the future.
For many people, this starts with career development. Learning new skills, taking on more responsibility or applying for new jobs can boost earnings. Employers can support this by offering training and progression routes. Even small steps, like upskilling in digital tools, can make a big difference.
It’s also worth looking at other sources of income. Some employees may start a side hustle, take on freelance work or learn about investing. These options don’t suit everyone, but mean people can earn more.
When employees feel supported to grow their income, they’re better able to build savings. This reduces stress and makes them feel more confident about the future. Helping employees earn more is a smart move for both employer and employee.
2: Help employees reduce and eliminate debt
Managing and reducing debt is an important part of financial wellbeing. Debt causes stress, sleepless nights and affects how people perform at work. It also leads to more absences from work. With the right approach to debt, it’s possible to take back control.
One helpful strategy is to focus on high-interest debts first. Paying these off faster reduces how much is owed overall. Some people may benefit from switching to lower-interest options or interest-free balance transfers. Using debt consolidation to combine payments is another option.
Avoiding new debt is just as important. Emergency savings can help cover surprise costs without borrowing. And for those feeling stuck, it helps to know where to turn.
Employers can support financial wellbeing by signposting staff to free, trusted services like MoneyHelper. Their tools, debt advice and budgeting support can make a real difference.
Helping employees get on top of debt builds confidence, reduces pressure and moves them one step closer to financial wellbeing.
Explore ways to support employee debt management through payroll
3: How better spending habits support financial wellbeing
Taking control of spending is one of the quickest ways to improve employee financial wellbeing. When someone understands where their money goes, it’s easier to make better choices, reduce waste and plan ahead.
Simple steps can help:
- Track spending: Write down or use an app to see what’s being spent each week
- Spot patterns: Identify where money is leaking (daily takeaways, unused subscriptions or impulse buys)
- Make a plan: Set limits for different purchases like food, travel and entertainment
- Spend mindfully: Pause before spending and ask, ‘Do I really need this?’
Budgeting isn’t about cutting out everything. It’s about making money work better day to day. Tools like the MoneyHelper Budget Planner can support this.
Encouraging mindful spending helps people build emergency savings, avoid debt and feel more in control. It’s a core part of financial wellbeing at work. It’s also an important step towards becoming retirement ready.
4: Support staff to start building an emergency savings fund
Building an emergency savings fund is one of the best ways to support financial wellbeing. It means having money set aside for unexpected expenses like a vet bill or broken-down car. Without this, people often rely on credit cards, overdrafts or high-interest loans.
Aiming for 3–6 months of living costs is great, but even small, regular amounts can add up. Saving little and often is an easy way to build a safety net without it feeling like a big stretch.
PayCaptain helps employees build savings in easy, practical ways:
- Payroll savings
Money is saved directly from wages before it reaches the employee’s current account. It’s automatic, effortless and helps turn saving into a regular habit. - Savings pots
Employees can create named pots for specific goals — such as an emergency fund, holiday, or first home. These pots make it easier to stay motivated and track progress. - SmartPay
SmartPay uses deep personalisation to nudge employees into making smart savings choices. Based on their goals and current financial position, SmartPay suggests ways to split their pay in line with what matters most to them. It supports better decisions — without adding pressure.
PayCaptain also offers budgeting tools and a financial wellness assessment, helping staff understand where they stand and where they can improve.
Discover how SmartPay and savings pots support financial resilience
5: Encourage employees to protect themselves with insurance
Insurance plays a key role in financial wellbeing. It protects people from financial shocks that could wipe out their savings or put them in debt. Having the right insurance means employees can face the unexpected with more confidence.
Here are a few types of insurance that offer valuable protection:
- Health insurance
Covers medical treatments or private care, helping avoid long NHS waits or high out-of-pocket costs. It means quicker access to treatment and less time off work. - Life insurance
Pays out a lump sum if someone dies. This can help support their family, cover living costs or pay off debts like a mortgage. It gives peace of mind that loved ones will be protected. - Home and contents insurance
Protects property and belongings against damage, theft or fire. Replacing items without cover can be costly and stressful. - Income protection
Provides a regular income if someone can’t work due to illness or injury. It helps cover bills and essential costs during recovery.
It’s also extremely important to have a Will in place. This ensures a person’s wishes are followed and avoids legal complications for their family. Even if a person doesn’t feel they have a lot to leave, without a Will, no one can act on their behalf, so having one is critical.
6: Support employees to grow future wealth in the workplace
Growing future wealth is an important part of employee financial wellbeing. It’s about looking beyond today and building up money over time to reach long-term goals. That might be buying a home, helping children or becoming retirement ready.
There are different ways to grow wealth:
- Stocks and shares can grow in value over time, though they carry more risk
- Bonds are usually lower risk but may offer smaller returns
- Property can increase in value and provide rental income
Everyone’s risk tolerance is different. Some people are comfortable with ups and downs. Others prefer safer options. The key is to match investment choices to personal goals and how soon the money is needed.
Long-term planning takes time. Taking professional advice is a good idea. An independent financial adviser can help employees build a plan that suits their needs and future ambitions.
Helping staff understand their options supports financial wellbeing at work and helps them feel more confident about the future.
7: Help employees to find the best deals to save money
Finding the best deals is a simple way to make money go further. It doesn’t mean cutting back on everything. It’s just making sure the money being spent is working as hard as it can.
From gas and electricity to broadband, phone bills and insurance, prices can vary a lot. Using comparison websites makes it easy to see what’s out there and check if a better deal is available.
Shopping around also helps with everyday spending:
- Try different supermarkets or own-brand products
- Look for loyalty schemes or cashback offers
- Check for discounts, voucher codes or seasonal deals
It’s not always about choosing the cheapest option. Value for money means thinking about what’s really needed, what will last and what offers the most benefit.
Helping employees build these habits supports stronger financial wellbeing at work. It can free up more money for saving, paying off debt or working towards long-term goals like retirement.
8: Build long-term security for employees by getting them retirement ready
Getting retirement ready means planning ahead so there’s enough money to live comfortably after finishing work. The earlier employees start thinking about it, the more confident and in control they’ll feel.
One of the first steps is knowing how much money will be needed in retirement. This is money for bills, hobbies, travel and everyday life. Then it’s about checking what’s already saved and how much more needs to be added.
This is where PayCaptain’s pensions dashboard helps:
- It gives employees a clear, simple view of their pension savings in one place
- They can track how much they’ve saved and how it’s growing
- It shows how today’s savings could shape their future income
With better visibility, it’s easier to stay on track, adjust contributions or get advice if needed. The dashboard helps people feel more in control of their future and more confident in their decisions.
Being retirement ready is a key part of financial wellbeing at work. It’s not just about pensions. It’s about giving employees tools to plan for the life they want.
Support long-term financial wellbeing with better pension visibility
9: How payroll giving supports employee financial wellbeing and purpose
Giving back can be good for both the heart and the head. It helps people feel more connected to their community and gives a sense of purpose. This supports both personal and financial wellbeing.
Charitable giving doesn’t have to be huge to make a difference. It could be:
- Donating money to a chosen charity
- Giving time as a volunteer
- Supporting a cause through fundraising or sharing resources
PayCaptain makes giving simple with digital payroll giving. Employees can donate a set amount from their pay each month. It’s quick to set up, tax-efficient and goes directly to the charities they care about. No paperwork or admin is needed. It’s all done quickly and easily through the payroll app.
Including giving as part of financial wellbeing at work helps create a culture of care, generosity and balance.
[H2] 10: How to support staff in building financial stability at work
A strong financial foundation starts with good knowledge. When people understand how money works, they feel more in control of their choices. This covers daily spending to long-term planning. It’s why financial education plays a big role in improving employee financial wellbeing.
There are lots of easy ways to learn:
- Books, podcasts and online courses explain the basics of saving, budgeting and investing
- Financial advisers can help with more personal or complex decisions
- Workplace tools like PayCaptain’s budgeting features and financial wellness assessment give a clear picture of where someone stands
After building knowledge, the next step is action. Employees can:
- Set short- and long-term savings goals
- Review spending and cut back where it makes sense
- Build emergency savings
- Check progress on pensions and plan for the future
It’s also helpful to teach children simple money lessons early on. That way, good habits start young.
With the right support and small daily actions, employees can turn what they’ve learned into real-life financial confidence. The kind that lasts.
Final thoughts from PayCaptain
Financial wellbeing isn’t about being wealthy. It’s about feeling secure, confident and in control of money. The 10 pillars shared in this blog offer a clear path towards financial peace of mind, from everyday budgeting to getting retirement ready.
At PayCaptain, everything we build is designed to support financial wellbeing at work. Features like payroll savings, SmartPay, budgeting tools and our pensions dashboard make it easier for employees to manage money, plan ahead and feel more supported.
Every journey starts with a first step. That might be building emergency savings, reviewing debt, or exploring the pensions dashboard to see how close they are to being retirement ready.
Now’s a good time to pause and ask:
- What’s going well?
- What feels out of control?
- What’s one small thing that could make a difference?
Financial wellbeing doesn’t happen overnight. But with the right tools and support, everyone can take steps to build a stronger financial future. PayCaptain’s here to help make it happen!
Start putting the 10 pillars into action with the right payroll tools
