Financial wellbeing and mental health: how money worries show up at work
Money worries are very good at disguises.They turn up as a sleepless night, a short temper in a team meeting, a Wednesday off with a vague stomach bug or a mistake on a spreadsheet that nobody can quite explain. Rarely do they introduce themselves as "I'm worried about my overdraft."
That's why so many employers miss the link between financial wellbeing and mental health, and why getting it right matters.
How are money worries and mental health linked?
They tend to feed each other. Money problems can cause stress, anxiety and low mood. And poor mental health can make money harder to manage, whether that's opening bills, keeping on top of budgets or holding down extra shifts. The Money and Mental Health Policy Institute has long highlighted this two-way link.
It's not a personal failing. It's a cycle, and cycles can be broken, especially when there's practical help on both sides.
How do money worries show up at work?
Often in ways that look like something else, and at every pay band. Our 2026 Elephant in the Office report found 53% of employees earning under £40,000 say they're just managing, tight or struggling, and 53% of those earning £100,000 or more have no emergency fund, are living on credit or are behind on a bill.
And it comes to work. Among employees earning £100,000 or more, the report found:
46% felt anxious or depressed about money in the past month
53% took a day off because of financial stress
27% made a mistake at work because of financial distraction
30% considered quitting because of money
Why don't people talk about money worries at work?
Because money still carries a stigma that mental health has started to shake off.
People will say they're burnt out or overwhelmed. Saying "I can't afford this month" feels different, especially for senior people: 58% of £100,000+ earners in the Elephant report said their seniority makes it harder to admit they're struggling.
And employers rarely ask. The same report found only 20% of employers have ever formally asked their people about financial wellbeing.
What signs might managers notice?
Managers aren't there to diagnose anyone, and they should never make assumptions. But some patterns are worth checking in on:
1. A noticeable change in mood, energy or focus
2. Increased absence, especially short, unexplained days off
3. Taking on every available extra shift, or suddenly avoiding them
4. Skipping team lunches, collections or social events that cost money
5. Questions to payroll about being paid early
The right response isn't to ask about someone's finances. It's to ask how they are, listen and make sure they know where support is.
How can employers support financial and mental wellbeing together?
Join the dots between your support
Many employers have mental health support in one place and financial support in another. Make sure each points to the other. Mental health first aiders, employee assistance programmes and managers should all know where to send someone with money worries.
Make it normal to talk about money
Leaders sharing that money can be stressful for anyone, at any level, does a lot to lift the stigma. So does talking about financial support in the same breath as mental health support.
Tackle the cause, not just the stress
Counselling helps people cope. Practical tools help remove the reason they're worried. A savings pot built automatically every payday, or a safety net that isn't expensive credit, can take real pressure off. That's why My Money Matters brings Auto Savings and On-Demand Pay together with education and coaching in one app.
Keep it private
The hardest part is often asking. Support people can use privately, without speaking to anyone at work, removes that barrier.
Where can people get free help?
Alongside your own support, make sure everyone knows about free, confidential services:
- MoneyHelper for free, impartial money and pensions guidance
- StepChange, Citizens Advice and National Debtline for free debt advice
- Samaritans, free on 116 123, any time of day or night, for anyone who's struggling to cope
- Your employee assistance programme, if you have one
Look behind the disguise
Money worries rarely announce themselves. But when employers put practical financial support alongside mental health support, and make both easy to reach, people get help sooner.
If you'd like to see how My Money Matters can sit alongside your wellbeing support, privately and every payday, book a demo.
FAQ
How does financial stress affect mental health?
Money worries can cause stress, anxiety and low mood, and poor mental health can make money harder to manage. The two often feed each other, which is why practical financial support and mental health support work best together.
How does financial stress affect employees at work?
It can reduce focus and motivation, increase absence and lead to mistakes. In our 2026 Elephant in the Office report, 27% of employees earning £100,000 or more had made a mistake at work because of financial distraction.
How can employers support employees with money worries and mental health?
Connect financial and mental health support so each points to the other, make it normal to talk about money, offer practical tools that tackle the cause of the worry, and make sure support can be used privately. Always signpost free services such as MoneyHelper and Samaritans.