World Mental Health Day: Why financial wellbeing must be part of your mental health strategy

Money worries and mental health are deeply connected.

When people feel under financial pressure, their mental health often suffers - and in turn, poor mental health can make it harder to manage money.

As HR leaders mark World Mental Health Day, it’s worth reflecting on how much financial wellbeing influences the overall health, focus, and resilience of the workforce.

Financial stress has quietly become one of the biggest wellbeing challenges in the workplace.

The Money and Mental Health Policy Institute found that people with problem debt are three times more likely to experience anxiety or depression.

And according to the CIPD’s 2024 Good Work Index, almost half of UK employees cite money worries as their main source of stress outside work.

For many, this pressure spills into working life affecting concentration, engagement, and even absence levels.

While many organisations now have comprehensive mental health strategies, financial wellbeing still tends to sit outside the conversation.

It’s increasingly clear that financial health and mental health can’t be treated separately.

A sudden expense, reduced income, or debt worry can quickly trigger stress, while ongoing anxiety or depression can make it harder for someone to stay organised or seek help with money.

For HR teams, recognising this two-way relationship is crucial.

Financial stress doesn’t only harm individual wellbeing; it also impacts team morale, productivity, and turnover.

Supporting financial resilience should therefore be seen as an essential part of any mental health strategy, not a nice-to-have benefit.

There’s no single solution to tackling financial stress at work, but there are proven steps HR leaders can take to build a more supportive culture:

Start the conversation

Normalise talking about money by including it in wellbeing initiatives and internal comms. Reducing stigma is the first step to encouraging employees to seek help.

Offer inclusive education and guidance

Financial information should be accessible and relevant to everyone, regardless of salary or background. Workshops, online resources, or digital tools can all help employees feel more confident managing money.

Train managers to spot signs of stress

Line managers are often the first to notice when someone is struggling. Equipping them with the skills to start supportive conversations makes a big difference.

Review pay and benefits transparency

Clear communication around pay, bonuses, and benefits helps reduce anxiety and build trust across the workforce.

Even small changes, like giving employees better visibility of their income and spending or improving access to financial education, can have a lasting impact on wellbeing.

World Mental Health Day is a reminder that supporting mental health means addressing the full picture of someone’s wellbeing - and money is a big part of that.

Organisations that take a holistic approach to wellbeing, integrating financial education and support alongside traditional mental health resources, see clear benefits, including lower stress, higher engagement, and improved retention.

The message for HR leaders is simple: you can’t have good mental health at work without financial wellbeing.

Recognising that link, and acting on it, is one of the most powerful ways to create a healthier, more resilient workforce.