Financial wellbeing in the workplace: How employers can support staff through the cost-of-living crisis

Financial stress is draining your workforce

The data paints a concerning picture: 

• 30% of Australian employees have taken on a second job or extra shifts to cope with cost-of-living pressures (Perkbox) 

• 1 in 10 workers have accepted a lower-salary role or gone freelance in hopes of earning more (Perkbox) 

• 1 in 7 say they’ve restructured their pay just to boost take-home income (Perkbox) 

PwC’s 2023 Employee Financial Wellness Survey found that 73% of financially stressed employees say they would be attracted to another employer that cares more about their financial wellbeing. Financial insecurity is also a leading cause of absenteeism and presenteeism. 

In short, the effects of financial stress show up everywhere — from missed deadlines and lower morale to higher turnover and poor engagement scores. 

Where employers are falling short

Despite the clear connection between financial wellbeing and workplace performance, many organisations still aren’t doing enough. The Perkbox report reveals that over a third of employees don’t feel supported by their employer when it comes to managing everyday expenses. 

Often, the problem isn’t a lack of intention — it’s a lack of strategy. Generic perks, annual bonuses, or one-off payments aren’t enough. Today’s employees want to see consistent, personalised, and practical support that acknowledges their financial reality. 

According to Gallup, only 24% of employees strongly agree that their organisation cares about their wellbeing. That perception gap is costing companies talent. 

What meaningful financial support looks like in 2025

So what actually makes a difference? The good news: there are many effective ways employers can help — without blowing the budget. 

1. Review pay structures and salary transparency

It’s not always possible to give everyone a raise. But regular salary reviews, market benchmarking, and transparent conversations about pay can go a long way in building trust. 

• Create a clear salary band structure for all roles. 

• Benchmark pay against industry averages annually. 

• Offer spot bonuses for key contributions or milestones. 

According to EY, companies that are transparent about pay practices are more likely to retain employees and boost engagement. 

2. Offer salary sacrifice and pre-tax benefits

Salary packaging is one of the most underutilised tools in the employer toolkit. Employees can reduce their taxable income through pre-tax purchases on expenses like: 

• Superannuation top-ups 

• Car leasing and transport 

• Work-related tech or equipment 

Promoting these schemes with clear guidance or financial advisors can make them far more accessible. 

3. Provide financial education and planning tools

Helping employees manage their money can reduce stress significantly. Offering tools and access to qualified professionals shows you care about their long-term financial health. 

• Run lunch-and-learn sessions with certified financial planners 

• Offer budgeting tools, apps, or calculators 

• Include financial wellness content in your wellbeing platform 

According to the Australian Securities and Investments Commission (ASIC), financial literacy is directly linked to better decision-making, savings habits, and retirement readiness. 

Don’t underestimate non-financial support

Financial wellbeing is about more than just money. It’s about security, stability, and feeling supported by your workplace. Non-monetary benefits can deliver massive value, especially when salary increases aren’t feasible. 

Examples from Beyond the Paycheck: 

• Flexible working hours and remote options 

• Extra annual leave or paid volunteering days 

• Subsidised healthcare or EAP programs 

• Employee discount platforms for everyday essentials 

These small, practical perks help employees stretch their dollars and feel more valued. 

Even just acknowledging the strain your people are under can create a sense of empathy and belonging. In tight times, feeling seen matters. 

Make financial wellbeing part of your culture

Supporting your team through the cost-of-living crisis isn’t a once-a-year HR initiative. It needs to be embedded in your culture, communications, and leadership behaviours. 

Here’s how to start: 

• Include financial wellbeing in your employee engagement surveys 

• Train managers to have sensitive conversations about money stress 

• Regularly share resources in your internal comms 

• Create feedback loops so you know what’s working (and what’s not) 

When financial wellbeing becomes a part of how you care for your people, it boosts not only retention and performance — but trust. 

Download the full report

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