We’re pleased to share an exclusive article by world renowned organisational psychologist Professor Sir Cary Cooper:
5 tips to help employees take control of their finances
So far, 2025 has brought a sense of financial uncertainty for many – including the high cost of living and new trade tariffs under Donald Trump which has made it even more difficult for employees to gain control over their finances.
Our latest 2025 research found that over the last 12 months some employees have even given up on savings (29%) and plans to buy a home (27%). Employees’ main financial concerns over the next 12 months include not being able to pay for basic living costs such as household bills and dental costs (39%).
For HR and wellbeing leaders, these findings highlight a growing need to support employees with financial wellbeing tools and strategies. Whether through internal programmes or external resources, providing practical support can improve employee morale, reduce stress, and boost productivity.
Here are five actionable tips you can share with employees to help them take back control of their finances during these uncertain times:
1. Start with a Simple Budget
Encourage employees to get a clear view of their monthly income and outgoings. This includes essentials like rent or mortgage, childcare, loans, groceries, and subscriptions. Understanding the full picture can make it easier to identify areas where changes can be made.
Tip: use a budget planner tool like the one available from the CCPC, it’s free!
2. Tackle Expensive Debt First
Debt is a major source of financial stress. Guide employees toward prioritising high-interest debt like credit cards or overdrafts. Even small additional payments can significantly reduce what they owe over time.
Tip: Investigate lower interest options like a credit union loan.
3. Build an emergency fund
An emergency fund or a ‘rainy day fund’ is money you set aside for unexpected events. Encourage employees to set some money aside for future unexpected events like a car repair or medical appointment.
Tip: Aim to build up enough to cover 3-6 months of essential bills. Set up a separate savings account and automate a small monthly transfer.
4. Shop wisely
Switching brands and planning the weekly shop in advance can help cut grocery costs. Look out for deals, use discount codes online, and check if your employer benefits include any savings perks. This can really help when unexpected expenses pop up.
Tip: Promote any in-house or external discount platforms available to your team and include them in onboarding packs.
5. Be scam smart
Over the last 12 months, 94% of the population have been targeted by scammers. Fraudsters can sound completely legitimate and it’s easy to see why so many are fooled.
Tip: Encourage employees to check company legitimacy via the Central Bank of Ireland’s register and report incidents at FraudSMART.ie.
Note: the information contained in this article should not be taken as advice and any information provided or opinions given are not tailored to an individual’s own circumstances.
International Men’s Health Week: Why Financial Wellbeing Matters
Every year, International Men’s Health Week calls attention to the physical and mental health challenges many men face — and encourages men and boys to prioritise their wellbeing. But while we often think about exercise, diet, or mental health in this context, there’s one area we don’t talk about enough: money.
Financial wellbeing — or the lack of it — can have a profound impact on every other aspect of a man’s health.
Money Stress Is Real — And It’s Taking a Toll
In our most recent survey of over 1,000 employees in Ireland, 37% of male employees said money worries have directly increased their stress levels — affecting not just their mental health, but their physical and emotional wellbeing too.
The pressure to provide, to meet financial goals, or to simply keep up with everyday costs can quietly wear people down. For many men, especially those who carry the traditional weight of being a “provider,” these pressures are carried silently.
The Hidden Link Between Money and Health
Let’s break it down:
Mental Health
Nearly 3 in 4 men we surveyed said they find money matters stressful, with 65% saying it’s more stressful than experiencing a bereavement. That’s a staggering statistic. Left unspoken, financial stress can lead to chronic anxiety, burnout, or even depression.
Physical Health
Worrying about money doesn’t just stay in your head. It can show up in your body — as headaches, sleepless nights, fatigue, high blood pressure, and more serious conditions over time.
Access to Care
Money can also be a barrier to getting help. Financial pressures may lead men to delay medical appointments, skip health screenings, or put off treatments — increasing the risk of long-term health consequences.
Relationships and Family Life
3 in 5 employees say money stress has put a strain on their relationships. That number rises for men who feel responsible for financially supporting others. It’s not just about the numbers — it’s about identity, pride, and pressure.
Where We Can Help
At Employee Financial Wellness, we believe that financial wellbeing is a health issue — not just a money issue. And we’re here to help men face it head-on.
Through personalised financial education and guidance, we empower men to take control of their finances — not just to build wealth, but to reduce stress, improve health, and live the life they want with confidence.
If you’re supporting men in your organisation this Men’s Health Week, remember that looking after their financial health can be just as important as looking after their physical or mental health.
Let’s keep the conversation open. And let’s give men the tools to thrive — in every part of their lives.
Take the hassle out of Your Financial Well-being Programme
Simplifying Financial Wellness: How we ease the Burden for HR and Well-being Leaders
In today’s fast-paced business environment, HR and well-being leaders are constantly seeking effective ways to enhance employee satisfaction and productivity. One critical area that has emerged as a priority is financial wellness. However, implementing and managing a comprehensive financial wellness programme can be a daunting task. This is where we fit in, making the process hassle-free and highly effective for HR and well-being leaders. Here’s how we do it:
Comprehensive Programme Design
At EFW, we understand that each organisation is unique. Our team of financial experts and educators works closely with HR and well-being leaders to design tailor-made financial wellness programmes that align with the specific needs and goals of the company. This bespoke approach ensures that the content is relevant, engaging, and impactful for all employees, regardless of their financial background.
Seamless Implementation
One of the biggest challenges in launching a new programme is implementation. EFW takes the lead in coordinating every aspect of the programme rollout. From initial planning to execution, we handle logistics, scheduling, and communication. This allows HR teams to focus on their core responsibilities while we ensure a smooth and efficient launch.
Engaging Communication Strategies
Effective communication is key to the success of any wellness programme. EFW employs creative and innovative communication methods to capture employees’ attention and maintain their engagement. We utilise a variety of channels, including email campaigns, interactive webinars, and a bespoke employee online hub. Our communications are designed to be friendly, fun, and impactful, making financial education accessible and enjoyable for everyone.
Comprehensive Employee Support
Our programmes are built on a people-first model backed by technology. Employees have access to 24/7/365 educational resources through our tech hubs, including live sessions and recorded content. This continuous support ensures that employees can engage with the material at their own pace and convenience, enhancing their learning experience and overall satisfaction.
Measurable Impact
EFW provides ongoing monitoring and reporting features, giving HR and well-being leaders clear insights into the programme’s impact. We track key metrics such as participation rates, engagement levels, and financial literacy improvements. This data-driven approach allows us to make continuous improvements and demonstrate the tangible benefits of the programme to stakeholders.
Reducing Financial Stress
By offering comprehensive financial education, EFW helps employees gain control over their finances, reducing their financial stress. This has a direct positive impact on their overall well-being and productivity. As employees feel more secure and confident in their financial futures, they are more likely to engage fully in their professional roles, contributing to a healthier, more motivated workforce.
Enhancing Engagement with Employee Assistance Programmes (EAPs)
Our financial wellness programmes complement existing Employee Assistance Programmes (EAPs) and other benefits offered by the company. Financially literate employees are more inclined to take advantage of a full range of benefits, including health and wellness initiatives and professional development opportunities. This holistic approach leads to a more engaged and well-rounded workforce.
Success Stories
Our success is best illustrated through the positive outcomes experienced by our clients. For instance, many of our clients see a significant increase in pension scheme participation and employee satisfaction after implementing our programmes.
Conclusion
We make running a financial wellness programme hassle-free for HR and well-being leaders by providing comprehensive support from design to implementation. Our innovative communication strategies, continuous employee support, and measurable impact ensure that our programmes are not only effective but also easy to manage. By partnering with EFW, organisations can enhance their employees’ financial well-being, leading to a more satisfied, productive, and engaged workforce. If you’re ready to take the stress out of financial wellness, contact EFW today and discover how we can transform your workplace.
The 2023 Budget – What does it mean for Employees?
The 2023 Budget – What does it mean for Employees
An unprecedented €11 billion budget package was set out in the 2023 Budget. It was framed as a ‘Cost of Living’ budget.
Some of the main benefits will not be noticed in our pockets until January 2023 including changes in taxation, cost of living supports, supports for energy costs, health, housing & education.
Let’s look at some of the key measures planned which could have an impact on your employees:
Reduction in Personal Tax
Likely the largest difference in employee net income.
- The standard rate tax band of 20% has been increased to €40,000 from €36,800 for a single individual.
This means you do not reach the higher tax band of 40% until your income reaches €40,000.
Meanwhile, couples can earn €80,000 before paying tax at the higher rate. This change will result in savings of €800 a year for those on the higher rate and up to €1,600 for a couple.
- The personal tax credit will increase by €75 for an individual and €150 for a married couple.
- The Home Carer Tax Credit has also been raised by €100
Universal Social Charge (USC) has been Reduced
- The Government is increasing the 2% Universal Social Charge (USC) Band – from €21,295 to €22,920. The purpose of USC is to provide a steady income to the Exchequer to provide funding for public services. USC is paid on our total gross income.
Example of how these changes would work in practice
Based on a Single person, age 45 on a salary of €45,000 with no dependents & no additional employer benefits:
| 2022 2023 |
| Gross salary €45,000 €45,000 |
| Tax payable €36,800 @ 20% €40,000 @ 20% |
| €8,200 @ 40% €5,000 @ 40% |
| Total tax liability €10,640 €10,000 |
| Minus personal tax credits €3,400 €3,550 |
| PRSI €1,800 €1,800 |
| USC €1,312 €1,272 |
| Annual Net Income €34,648 €35,478 |
Savings plans
- For those with savings plans in place, exit tax remains at 41% on any growth. tax is liable on any encashments – be that partial encashments or full encashments and/or on the 8th anniversary of the policy. In addition, the 1% Government Levy remains in place for these plans.
Child benefit and Education
- A once off double child benefit payment in November – this is for each child. That is €140 x 2 = €280
- there will be a Free School Book Scheme for primary school pupils from autumn 2023
- over 660 additional mainstream teachers, over 1,190 SNAs and 680 special education teachers will be provided
- the National Childcare Scheme hourly subsidy is to increase from 50c to €1.40
- there will be a €500 increase in post-graduate contribution grant for eligible families
- over 4,800 additional places on craft and consortia-led apprenticeships and 4,000 places on craft apprenticeship programmes will be supported
Cuts to college fees
- Students will benefit from a once-off €1,000 reduction in third-level fees in 2022.
- Families earning less than €100k will see a €500 reduction in fees.
- The income limit to qualify for a 50% reduction in contribution fees under SUSI will be increased from €55,240 to €62,000, and all SUSI maintenance grants will be increased by between 10 and 14% in September 2023.
- The Post-Graduate Fee Contribution Grant for eligible students of €3,500 will increase by €500 and the PhD stipend will increase too.
- Finally, the government is extending the 20% public transport fare reduction and the Youth Travel Card discount of 50% on all operators’ services to the end of 2023
Renters
- For the renters out there, €500 will be provided as a tax credit. The scheme is aimed at renters who do not qualify for other housing supports and has been backdated to account for rent paid in 2022
Mortgage seekers
- For those of you trying to get on the property ladder, the Help to Buy Scheme has been extended to the end of 2024.
So, our 2023 ‘Cost of Living’ Budget will result in Irish Workers seeing savings in their income tax, energy bills, rent and more.
Mental Health Week 2022
This week is Mental Health Awareness Week 2022. A key aspect of our company is to help alleviate the stress and anxiety that many employees face with their finances and the reason we want to help educate workforces on their finances both big and small.
You might be wondering what finances have to do with mental health. The answer is a lot more than you might think! In today’s world, there are increasing financial challenges. The rising prices of both goods and services are leaving many employees more concerned about their finances than ever before.
The current rate of inflation is 6.7%, the highest in over 22 years, so no wonder a lot of people are feeling the pinch. Think about how expensive it is now for fuel? And yet the rate of inflation is still expected to increase more over the coming months.
There is a wide range of factors impacting the rate of inflation, the war in Ukraine, Covid supply chain issues, Brexit, and the rising price of oil, just to name a few. It’s very understandable that any of these issues individually could cause financial stress and anxiety. With all these issues combined the average employees are now extremely concerned about the level of impact they will have on their finances and what impact they will hold over their future daily life.
How these financial issues will affect average employees is becoming an increasing issue. With many employers unable to increase their employees’ wages to match the increasing cost of living, it’s very understandable that employees could be experiencing heightened levels of anxiety, and stress which negatively impacts their overall health both mental and physically.
How to help?
Be prepared! A good method for being ready for the curve balls that life throws at you is by having a plan. By feeling more prepared for any financial surprises, then you will feel more confident that you are able to handle them. Creating a financial plan is just one of the ways that you can utilise to combat some of the negative feelings attached to your finances.
Although not all plans work out perfectly it can help alleviate your stress when it comes to your finances if you have a clear idea of what funds you will need for the upcoming months and how to make the most of the funds you have.
Financial Surprises can hit us when we least expect them and can leave us often filled with elevated levels of stress and anxiety.
You might be wondering what people do when these issues hit them. Often it is simply to react and panic, this can lead to them making decisions that are not fully thought out and may not be the best long-term solution to their problems.
Here at Employee Financial wellness, we value a preventative approach towards financial stress. Our belief is to prevent financial stress from starting in the first place. We aim for our clients to be able to identify their future financial events and have them be part of their financial plan. Another key aspect to being prepared is having your short-, medium- and long-term goals clearly identified and having funds assigned to these goals each month.
Education is a fundamental pillar of our approach, and we believe that if employees have been educated on their financial situation, then they are better equipped to handle any surprises that may come their way helping to alleviate the elevated levels of stress and anxiety that surround financial issues.
If you are an employee needing help or advice with your financial situation or an employer looking to help your workforce by offering them a financial wellness education programme, feel free to contact us today!
Click here to Download Our Latest Research Reports ?
