In late 2024, The Money Charity reported the total average debt per household, including mortgages, was £65,665. This figure is almost twice the average UK salary. The Money and Pensions Service (MaPS) reported eight million people across the UK need debt advice. It also said another 12 million ‘live on the edge.’
Financial wellbeing at work is now more important than ever.
To improve lives, employers must do more than just pay wages. They can help their team save, manage debt and get support. By using technology, they can improve employee wellbeing simply and easily.
Tech solutions to improve employee financial wellbeing
Struggling with money affects both home and work life. It causes stress, affects work rate and can mean more absences. Employers can help by using technology. From payroll systems that offer savings to online learning, tech can make it easier to improve financial wellbeing.
With Debt Awareness Week 2025 coming up, now’s the time for businesses to think about this important employee benefit. By giving employees access to the right tools, they can help reduce money worries and create a happier, healthier workplace.
Financial wellness platforms to improve employee financial health
Financial wellness platforms can help employees take control of their money. They let employees make better decisions about money. Features like automatic savings, financial coaching and goal-setting help improve money confidence and reduce stress.
Businesses can help their people by suggesting apps and platforms. Examples include:
- MoneyHelper by MaPS. This is a free UK government-backed service that helps people manage their money better. It offers advice on budgeting, saving, borrowing and pensions. It also provides debt advice, helping people with free support if they’re struggling with money.
MoneyHelper includes online tools and guides. It also has a debt advice locator to connect users with people who can help. MoneyHelper helps make financial decisions easier and supports people to build better habits with money.
- Emma is a UK-based app that helps users track their spending. It can manage subscriptions and save money. It connects to bank accounts to show all transactions in one place. This helps people understand where their money is going.
Emma alerts users to unused subscriptions so they can be cancelled and money saved. It offers tips and help on improving financial habits. It’s designed to make budgeting simple and help users stay in control of their money.
- Cleo is a budgeting and financial assistant app that uses AI to help users manage their money in a fun and engaging way.
What makes Cleo unique is its ‘Roast Me’ and ‘Hype Me’ features. ‘Roast Me’ delivers an honest breakdown of spending, calling out reckless purchases and encouraging spending using humour. ‘Hype Me’ celebrates good financial decisions and savings milestones to keep users motivated.
- StepChange is the UK’s largest debt charity. Their platform offers free advice to people struggling with money. It helps them create debt management plans, talk with creditors and find the best way to take control of their debt.
StepChange’s online tools and helpline make it easy for people to get support whenever they need it.
Employers can recommend platforms that give employees simple tools to manage money. This helps staff avoid deeper problems and feel better about the future.
How payroll software supports employee financial wellbeing
Modern payroll software does a lot more than just pay wages. The best payroll software includes features that support financial wellbeing:
- Payment splitting lets employees send money directly from their net pay. This means important bills – like rent, mortgages or credit cards - are never missed. Payment splitting lets employees send money directly to savings pots to build funds or save for long-terms goals
- Salary advances help employees deal with bills when they don’t have savings. They include one-off emergency payments and fee-free weekly advances. Wages are protected to pay important bills at the end of the month. Advances are deducted from the employee before they’re paid and shown on their online payslip
- Modern payroll software has tools that help employees save. In PayCaptain, SmartPay uses deep personalisation to an employee. It can then ‘nudge’ them into smarter savings habits based on their goals
- Some platforms include articles, videos or online learning. Employees can learn about budgeting, saving or investing. These tools give employees more information so they can make better decisions.
- Payroll software can direct employees to debt advisors, like MoneyHelper, StepChange or Citizens Advice. This gives employees confidential access to expert help without fear or shame. This support can be reached through mobile payroll apps
- Employees can use financial surveys within payroll software to check their current situation. Used regularly, they can be used to track progress. Financial wellness surveys also give useful tips on how to manage money better.
The leader in payroll innovation, PayCaptain makes it easy to use wellbeing tools.
Online education resources to improve employee financial management
Education is key to financial wellbeing. Many employees struggle with money because they’ve not been taught how to manage it properly. Online resources can help staff build confidence in managing their finances.
- Webinars and courses - Employers can offer staff online training sessions covering essential money topics. These webinars cover areas like debt reduction and the importance of pensions. Training can be made more interesting by adding Q&A sessions and real-life examples. This helps employees learn in a way that feels real and practical
- Blogs and articles - these can cover a range of topics, from everyday budgeting tips to long-term savings plans. Employers can share these by newsletter, informal chats or platforms like Slack
- Debt advice - Many employees aren’t aware of what help they can get. Employers can provide links to debt advice. These services offer personalised action plans, helping them work towards becoming debt-free.
Small businesses can share this help without spending lots of money. Even a simple email newsletter with financial tips can make a big difference.
Benefits of technology to improve employee financial wellbeing
Tech makes support easier to access. Businesses that use online tools see better financial health among employees. Here’s how tech helps:
How technology increases access to financial education for employees
Not all employees can join workshops. Online tools let staff get support when it suits them. Whether it’s an app or a website, employees can get help 24/7. Employers can find topics available through apps or online, letting employees use it on their own terms.
How technology provides personalised financial guidance for employees
Generic advice doesn’t work for everyone.
Many tech platforms offer personalised financial support. Financial apps can look at spending patterns to provide targeted financial guidance. For example, employees struggling with debt can receive recommendations on how to repay money, while those looking to save can get savings suggestions.
Technology helps employers have better insight into their employees’ financial wellbeing
Employers can use technology to spot money problems their staff are having. Detailed payroll reports can show patterns of behaviour. For example, an employee using the emergency cash every month might be struggling to cover regular expenses. Running financial wellness payroll reports can highlight employees that need help.
Payroll software that focuses on employee financial wellbeing helps businesses give support where it’s needed most.
Key considerations for employers when providing financial wellbeing support at work
Before offering financial wellbeing at work, employers must consider key factors.
Ensuring employee data privacy and security in financial wellbeing initiatives
Financial wellbeing tools often use personal data. Employers must make sure all systems comply with the GDPR and other data protection laws. Employees should feel confident that their financial information is safe.
Using a payroll system with ISO 27001 certification is critical because it shows strong security is in place to protect data. ISO27001 and robust encryption reduces the risk of payroll breaches and keeps personal information safe. Being transparent about how personal data is used and stored also builds trust.
Book a demo to learn how PayCaptain’s financial wellbeing features can support your workforce
Bridging the digital divide and improving access to financial technology
Not all employees feel comfortable with using apps. Some don’t have smartphones, others find going online difficult. Employers must offer other ways to learn, like printed guides or workshops. Giving different options makes sure the information is inclusive.
Employers can also get their team involved in Talk Money Week, an annual campaign launched by MaPS. The aim is to promote open conversations about money management and financial wellbeing. The goal is to reduce stigma around money worries and encourage people to seek help when they need it.
To get employees involved, businesses can:
- Hold financial wellbeing workshops with guest speakers or money experts
- Encourage team chats or forums where employees can share money-saving tips
- Run financial challenges, such as a savings challenge or a budgeting week
- Provide access to debt advice, budgeting tools and savings options
- Share real-life success stories from employees who’ve improved their financial situation with support
By taking part in Talk Money Week, businesses can help normalise financial discussions and reduce stress around money.
How to encourage employees to adopt of financial technology
Even the best financial tools are useless if employees don’t use them. Getting employees to use new tech can take time, but the right approach makes a big difference.
Employers should focus on clear communication, training and ongoing support to increase use. This can be started by introducing financial technology in a simple way.
- Training sessions and hands-on demonstrations can boost confidence
- Short workshops or one-on-one support will help employees feel more comfortable using new tools.
Making financial tools easily accessible is key. Employers should provide links in payroll portals, employee apps or internal websites. Incentives - like small rewards for signing up or completing a financial wellbeing challenge - can boost engagement.
By making FinTech simple, it’s easier for businesses to help their employees.
Final thoughts from PayCaptain
Supporting employee financial wellbeing is a necessity. Money worries impact mental health, work rate and overall job satisfaction. By using technology, businesses can provide employees with the tools they need to take control of their finances.
Payroll systems, in particular, play a vital role in this. They offer savings options, salary advances, pensions and direct access to support.
Debt Awareness Week 2025 runs from 24th to 30th March. It’s a chance to start money conversations and give employees access to expert advice. By using technology and linking payroll with financial wellbeing tools, businesses can help staff feel secure, supported and more in control of their finances.
