Financial Stress is the Silent Threat to Irish Workplace Wellbeing

Dermot Styles, Marketing & Communications Director, Employee Financial Wellness

In today’s fast-paced work environment, financial stress is emerging as one of the most significant - yet often overlooked - threats to employee wellbeing. While mental health and physical wellness have taken centre stage in workplace wellbeing strategies, financial wellbeing remains the silent contributor to stress, anxiety, and disengagement.

This was a central theme in the recent Employee Financial Wellness (EFW) Webinar held in May, where renowned psychologist Sir Cary Cooper highlighted the critical role financial wellbeing plays in overall mental health. “You can’t separate financial stress from mental health,” he noted. “If people are worried about money, it affects their sleep, their relationships, and their performance at work.”

EFW’s latest research, surveying over 1,000 employees across Ireland, paints a real picture of the impact of financial matters on employees: 

- 74% of employees find money matters stressful.
- 73% agree that better understanding the long-term impacts of money management would benefit their mental health.
- 76% don’t understand their workplace financial benefits.
- A striking 82% believe they should be educated more on effective money management.

These findings underscore a growing demand for financial education in the workplace — not as a perk, but as a necessity.

Why Financial Education Matters

Financial education is more than just learning how to budget or save. It’s about building financial literacy — the confidence and knowledge to make informed decisions about money. This is especially important in a time of rising living costs, complex pension schemes, and increasing personal debt.

Recognising this, the Irish Government launched the National Financial Literacy Strategy earlier this year. Its goal is to improve financial literacy across all age groups and sectors, with a strong emphasis on workplace-based education. The strategy acknowledges that financially literate employees are not only more secure personally, but also more productive, resilient, and engaged at work.

A Health Promotion Approach — Not a Sales Pitch

One of the key principles of successful financial wellbeing programmes, like those run by EFW, is that they are educational, not commercial. These initiatives are grounded in health promotion methods, focusing on empowering employees with knowledge and tools — not selling them financial products.

This distinction is crucial. When financial education is tied to product sales, trust is eroded. Employees become wary, and the opportunity to genuinely improve wellbeing is lost. In contrast, programmes like EFW’s are designed to support employees in understanding their financial benefits, planning for the future, and reducing day-to-day money stress — all without a sales agenda.

The Business Case for Financial Wellbeing

Investing in financial wellbeing isn’t just good for employees — it’s good for business. Financially stressed employees are more likely to be distracted, take sick leave, or even seek new employment. By contrast, those who feel financially secure are more focused, loyal, and motivated.

As Irish workplaces continue to evolve, it’s time to bring financial wellbeing into the spotlight. The data is clear, the demand is growing, and the tools are available. Now, it’s up to employers to act — not just by offering financial benefits, but by ensuring employees truly understand and can make the most of them.

Because when we support employees in managing their money, we’re not just improving their finances — we’re improving their lives. For a copy of EFW’s Latest Employee Research click here.

Mental Health is one of the eight pillars of the KeepWell Mark framework and a fundamental component of a healthy workplace. The KeepWell Mark provides independent recognition of an organisation’s commitment to workplace wellbeing, grounded in clear standards and a holistic approach to strategy. It helps build employee trust, enhance employer brand, and embed wellbeing into the core of organisational culture.

For more information on the KeepWell Mark visit www.thekeepwellmark.ie