Financial wellbeing in stress awareness month

A woman and a man sit at a table, focused on a laptop in front of them, engaged in discussion or collaboration.

What is stress awareness month?

Stress Awareness Month is an annual event dedicated to increasing public awareness about the causes and cures of stress.

This April, as we observe Stress Awareness Month, with its theme "Lead with Love," we’re encouraged to approach ourselves and others with kindness, compassion, and acceptance, no matter the challenges we face. In that vein, we’re bringing the spotlight to a challenge that resonates with many – finance.

A time for reflection and renewal

April also marks the start of a new tax year in the UK, a time when many minds naturally turn to finances. This is coupled with the recent Spring Forecast announcement by the Exchequer, which has brought economic projections into sharp focus.

Discussing the impact of the UK economy in the workplace, with its ongoing cost of living pressures and changes like increased employer National Insurance contributions, from 13.8% to 15%, from April 2025, demands a compassionate and proactive approach.

While finances weigh heavily on individuals and businesses alike, employers can play a crucial role in fostering financial wellbeing to help attract and retain the people who drive their businesses forward. We’ll cover how they can do this through:

promoting open conversation
providing education and resources; and
demonstrating understanding.

What the numbers tell us

Let's look at the latest trends, revealed by Michael Page research:

Nearly a third (31%) of people are looking for a new job because they're not happy with their pay.
Another big chunk (29%) just aren't satisfied with what they're earning.
A quarter (26%) want a promotion to get more money and move up.
A third (33%) feel like they're not being paid fairly.
For most people (84%), a good salary is the most important thing about a job.
And for a lot (43%), good pay is what makes them happy at work.

These numbers show us that money is a big deal, and when people feel like they're not in control of their finances, it can lead to a lot of stress.

What is financial wellbeing?

Financial wellbeing isn’t just about how much you earn. It is about:

Feeling like you're in control of your money.
Being able to pay your bills and handle your expenses.
Being able to enjoy life without constantly worrying about money.
Feeling secure about your financial future.

When we're worried about money, it can cause a lot of stress, which can affect our work, our relationships, and our health and wellbeing.

What employers can do to help

Be clear about pay

Tell people how salaries are decided and what the pay ranges are. Detail how salaries are determined. Explain the factors that influence pay, such as experience, skills, performance, and market rates. This helps employees understand the rationale behind their compensation.

As the saying goes “information is power”, and by providing employees with this information, you can empower them to feel in control of their options with clear steps for progression.

Check salaries regularly

Benchmark what you pay against industry averages, using tools like Michael Page Salary Guides, which analyses hundreds of roles across 15 sectors, to make sure your pay is fair and competitive.

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Outline and communicate the salary review process

Did you know most people (69%) haven't tried to ask for a pay rise in the last year? This suggests a communication gap, where many may feel unsure or uncomfortable talking about money with their boss.

If companies explain clearly how pay reviews work – when and how performance will be evaluated and how this evaluation will impact pay – employees can feel more confident and know what to expect. This helps stop good people from leaving because they feel underpaid or unappreciated. Plus, it gives managers the tools to talk about pay before someone quits and builds trust by showing everyone is treated fairly.

Offer helpful benefits

Giving people the option to work flexible hours or even share jobs can make a difference to their wallets. For caregivers, it can be a lifesaver, for example, cutting down on childcare costs and making it easier to juggle work and family. Job sharing? That's a great way to open doors for folks who need part-time work, and it frees up time for those who love a side hustle to make some extra cash.

This kind of flexibility isn't just good for people's bank accounts; it's also a smart move for businesses, helping attract a wider range of talent and keeping everyone happy and productive.

Create time and space for open dialogue

Create a place where people feel comfortable talking about money worries. This means allowing employees to ask questions about their pay, and having managers prepared to answer them. Offer solutions like classes, bring in experts, have dedicated forums in your collaboration channels, and provide accessible resources on budgeting and saving.

Partner with us

Michael Page's expert recruiters are here to help. We have insights on candidate salary expectations and job satisfaction. Partner with us to understand these pressure points and build a workplace where both your team and your business thrive.

Speak to us to find out more about our insights and how they can help you make informed decisions or how we can help you fill your next vacancy.

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