"I've sat in board meetings doing mental maths on my mortgage and smiled through the whole thing. Nobody there would have guessed."
That's a finance director in the public sector, speaking to us for our 2026 Elephant in the Office report.
It's not the picture most people have of financial stress. When we imagine who's struggling with money at work, we tend to look down the payslip. Senior people, surely, are fine.
The data says otherwise.
Yes, more than you might think. The Elephant report found that 53% of employees earning £100,000 or more have no emergency fund, are living on credit or are behind on a bill. That's exactly the same proportion as employees earning under £40,000 who say they're just managing, tight or struggling.
Same number. Opposite ends of the pay scale.
Among the £100,000+ earners in the report:
53% took a day off because of financial stress
46% felt anxious or depressed about money in the past month
30% considered quitting because of money
27% made a mistake at work because of financial distraction
Among senior people, money stress doesn't just cost output. It can cost judgement, in the roles where decisions carry the most weight.
And 30% considering leaving is a retention problem in exactly the roles that are hardest and most expensive to replace.
A few reasons tend to come up, and none of them are about being bad with money.
Commitments grow with income. A bigger salary often comes with a bigger mortgage, childcare for more than one child and the expectation of a certain kind of life. There's less slack than the headline number suggests.
Rates have bitten. Many higher earners have larger mortgages, so rising interest rates hit hard. The Bank of England raised rates on 5 November for the first time in more than three years, and plenty of fixed deals are due to end next year.
Tax gets complicated. Above £100,000, people gradually lose their Personal Allowance, and parents can be caught by the High Income Child Benefit Charge. Without help, it's easy to be surprised by a bill or miss out on ways to reduce it.
Nobody ever showed them how. Earning more doesn't come with a manual. Many senior people were never taught this stuff either.
Because it feels like they shouldn't need to. The Elephant report found 58% of £100,000+ earners say their seniority makes it harder to admit they're struggling. People will talk about burnout. Money is different. There's an assumption that by a certain level, you should have it sorted.
So they don't use the hardship fund. They don't ask payroll for an advance. They put it on a credit card and get on with the meeting.
The good news is that the support that helps senior people is largely the same support that helps everyone else. It just has to be designed so nobody has to put their hand up.
Offer it to everyone. If financial support is only promoted to lower-paid staff, senior people will assume it isn't for them. Make it universal, and talk about it that way.
Make it private. Self-service tools people can use without speaking to anyone take away the hardest part.
Automate the good habits. Saving a set amount every payday, or topping up a pension straight from salary, builds a buffer without relying on willpower after a long week.
Help with pensions and tax. Senior people often benefit most from understanding their pension and the tax relief available on contributions. In the public sector, Shared Cost AVCs let Local Government Pension Scheme members top up from salary with Income Tax and National Insurance relief. Tax relief depends on individual circumstances, and pension investments can go down as well as up.
Give them a safety net that isn't credit. Access to pay already earned isn't only for lower earners. A surprise bill lands the same way at every pay grade.
The finance director in that board meeting didn't need a lecture or a poster. They needed support that was there, private and easy, without having to admit anything to anyone.
That's the lesson for every employer: you can't spot financial stress from a salary. Download the Elephant in the Office report for the full findings, or book a demo to see how My Money Matters supports people at every pay band, privately, every payday.
Yes. Our 2026 Elephant in the Office report found 53% of employees earning £100,000 or more have no emergency fund, are living on credit or are behind on a bill, and 46% felt anxious or depressed about money in the past month.
Commitments often grow with income, such as bigger mortgages and childcare costs. Rising interest rates, tax changes above £100,000 and never having been taught about money can all add pressure.
Offer financial support to everyone rather than targeting lower earners, make it private and self-service, and help people automate saving and pension contributions. Senior people are less likely to ask for help, so support needs to be easy to use without speaking to anyone.