In January 2024, CALM (the Campaign Against Living Miserably) surveyed over 2,000 UK adults about money and mental health. On average, respondents were spending 70% of their income on household bills, and more than a quarter worried about money every single day. Over half of those surveyed had experienced suicidal thoughts linked to financial strain in the previous year.
Many cut back on social activities, physical exercise and other wellbeing-boosting pursuits to save money. Ironically, they sacrificed precisely the habits that could lift their mood and reduce stress. As a result, 26% reported feeling lonely or isolated, 33% had stopped seeing friends or family, and 39% gave up small treats that once brought them happiness.
More than 80% of respondents kept their financial struggles to themselves, citing shame, embarrassment or fear of being judged. The cost-of-living crisis shows no sign of abating, and these patterns of hidden suffering are crossing age, sector and income lines—even high-earning professionals and leaders are vulnerable.
Over the past 50 years, our awareness of workplace stress has grown hugely, especially with Psychology Works providing a handy list of some of the best books on wellbeing at work.
But financial stress is not a topic that features so extensively, often deemed to be outside of the scope of the research and organisational action.
Contact our coaches for assistance with financial anxiety.
How Leaders Can Help With Financial Stress
Our colleagues bring their whole self to work, and unaddressed financial stress impairs focus, decision-making and morale across teams – potentially driving down levels of collaboration, engagement and performance.
For many organisations, the solution is not simply to increase salary or benefits as this is financially unviable, unrealistic or impractical – or inappropriate for the individual employee.
Creating a supportive environment for your people facing financial pressures requires empathy, creativity and consistency. By implementing some practical steps, leaders can begin to develop a culture that helps colleagues feel seen, reduce stigma and strengthen collective resilience.
For instance, consider whether your wellness programmes can also include modules on financial health rather than treating it as a separate topic or an add-on. Train managers on spotting signs of money-related stress, guide them on conversations and the practical support that is available for people who are struggling.
But by acknowledging money worries, leaders can foster trust, encourage openness and model balanced wellbeing – and show that their interest and support goes beyond the outputs and outcomes achieved by the employee.
Practical Steps For An Organisation
- Schedule Wellbeing Check-Ins
Dedicate a segment of one-to-one meetings to discuss personal stressors, including money worries. Use open-ended questions like “What’s one challenge you’re facing outside work?” to invite honesty. - Offer Financial Literacy Resources
Curate free or low-cost workshops, webinars and online courses on budgeting, debt management and planning. Partner with local charities or invite volunteer financial coaches to host sessions. - Facilitate Peer Support Circles
Create small, confidential groups where team members can share strategies for cost-effective socialising, mental health rituals and resource recommendations. Rotate facilitators to build ownership and trust. - Encourage Time-Saving Flexibility
Allow flexible working hours, compressed workweeks or remote days to help staff reduce commuting costs and manage appointments without penalty. - Promote Low-Cost Wellbeing Activities
Organise group walks, book swaps or team volunteer days at community gardens. Highlight free cultural events like museum exhibitions or library talks in an internal bulletin. - Build a “Resource Map”
Develop and share a living document listing local free services—mental health helplines, community centres, leisure facilities with no-fee entry—and update it monthly.
Of course, financial stress is not necessarily just limited to the people that we lead, but our friends and families, too.
So on a more personal basis, consider those people close to you who have you not heard from recently in your contacts? Get in touch. Invite them around for a coffee and bake a cake together. Go for a stroll around a park with them like we did during the last crisis. Team up and volunteer somewhere. Why not even wander around a free museum together.
And pick up the courage to ask how they’re really doing.
Coaching and Financial Wellbeing
The cost-of-living crisis has brought financial stress into a much sharper focus, and it requires a leadership response that integrates financial health with mental wellbeing.
Good coaching – whether carried out by a leader or executive coach – can offer much in this area too: from confronting shame to building sustainable habits, from isolation to community, from silent struggle to empowered action.
By investing in coaching, organisations send a powerful message: the wellbeing of their people is integral to success. And for executive leaders, this journey not only safeguards mental health but also unlocks fresh perspectives, builds deeper connections and fosters the personal and team resilience to lead through any storm.
If you are interested in finding out what we can do for you, please contact us today.
