A majority of UK workplaces do not offer financial coaching and a third of employees are unsure what it is, according to a new report that highlights the growing need for action on financial wellbeing.
The report, The Value of Financial Coaching, published by TrinityBridge, a workplace financial wellbeing provider, found that 87 percent of employees have not used financial coaching, with 60 percent saying their employer does not provide access to it. A further one in five employees said they were unsure whether it was available in their workplace.
The knowledge gap is matched by an interest gap. While 28 percent of employees said they would use financial coaching if offered by their employer, a significant portion remained undecided, often because they didn’t understand what it involved.
Younger employees were the most open to using financial coaching, with 49 percent of those aged 18 to 24 saying they would use it if available. But this group was also among the least informed, with only 22 percent saying they had made up their minds about using it.
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Understanding remains a barrier to uptake
The study, based on a YouGov survey of 1,203 employees at UK firms with 200 or more staff, found that 34 percent of workers do not know what financial coaching actually offers. A similar proportion (34 percent) said they were undecided on whether they would use it, largely because of this lack of understanding.
Among those who said they would not use financial coaching, the most common reasons were not seeing it as relevant to their financial situation (28 percent), being unsure what it offers (21 percent) or preferring support from a financial adviser, friends or family.
Despite this scepticism, usage data shows that financial coaching is disproportionately accessed by higher earners. Forty-seven percent of users earn over £100,000, while just 13 percent fall into the £40,000 to £60,000 income bracket.
TrinityBridge said this gap in awareness and uptake suggests many people who could benefit from financial coaching are missing out.
Strong link to wellbeing and confidence
Among those who have accessed financial coaching, the reported benefits extend beyond money management. Thirty-seven percent said they now feel more confident about their finances, and 34 percent said they better understand how to manage their money. One in four (27 percent) felt better equipped to make future financial decisions, and 25 percent said they felt more positive about the future.
Notably, the mental health impact was also highlighted. Nineteen percent of all users said their mental health had improved following coaching, rising to 26 percent among those aged 35 to 44.
These findings support the growing view that financial education and support services contribute directly to employee wellbeing. In response to demand, 43 percent of employers say they plan to add financial coaching to their wellbeing offering in the coming years, according to separate research by Wealth at Work.
Frequency of use shows continued need
The report also explored how financial coaching is used. Forty-one percent of users access it several times a year, rising to 57 percent among employees aged 25 to 34. Just over one in five (21 percent) had used it once, while 19 percent said they valued the reassurance that help would be available again if needed.
Among the younger generation, the behavioural impact was most pronounced. Half of all users said the service had increased their financial confidence, and 43 percent said it helped them improve their money skills — rising to 53 percent among those aged 25 to 34. Twenty-two percent of all users said it had helped them change their behaviour with money in the long term.
Financial wellbeing must be part of wider strategy
“As employees across the UK continue to face the challenges of a rising cost of living, coupled with an expanding gap in those accessing financial advice, the potential of financial coaching is increasingly important as an essential component of workplace wellbeing strategies,” said Jeanette Makings, head of workplace wellbeing at TrinityBridge.
“The common thread running through this report is that financial coaching is highly valued by those that have used it, but for those that haven’t, it is frequently misunderstood. It evidences a strong need for more education as to what financial coaching offers and how it can help any financial situation.”
She added that “[t]he positive impact of financial coaching for those who use it is both tangible and significant. For employers too, it offers a highly effective means of boosting financial wellbeing, increasing staff engagement and empowering them to take control of their personal finances, with corresponding benefits for overall wellbeing and productivity”.
