With almost a third (32%) of respondents saying they would take financial advice from their employer, there is a good opportunity for organisations to help employees and strengthen workplace financial wellbeing offering. Against a backdrop of rising living costs, employers can review and adapt what they offer with financial wellbeing to help employees manage short-term pressures and build resilience. If worries about regret over spending can be reduced, this in turn can reduce the broader business impacts of financial stress, including absenteeism and reduced productivity.
The research by the financial wellbeing firm found that 21% of people regret overspending on everyday “consumables” such as clothes and meals out, while 19% feel remorse about spending more than they earn. It also showed that debt and spending regret are not experienced evenly across the workforce, reinforcing the need for support targeted to specific needs. Nearly a third (32%) of 18–24-year-olds say they regret overspending on everyday items, while a quarter (25%) of those aged 45–54 regret building up credit card debt. These differences highlight the need for segmented financial wellbeing support, from budgeting and spending awareness for younger workers, to credit management and longer-term planning support for those in midcareer, helping employees build healthier financial habits and reduce financial regret over time.
Commenting on the cost-of-living and what employers can do to reduce debt regret among employees, Ollie Le Farge, Corporate Client Manager, Hymans Robertson Personal Wealth, says: “Everyday costs are unavoidable, but regret isn’t. Employers can make a practical difference by improving employees’ awareness of where money is going, helping them understand the long-term cost of credit, and encouraging regular reviews of outgoings, supported by accessible guidance at the point people need it. Importantly, seeking guidance is not a sign of failure. Access to clear, tailored financial support can help employees make sense of competing pressures, rebuild confidence, and put practical steps in place to improve long-term financial resilience.”
“What’s particularly striking is how debt regret shows up differently at different life stages. Younger adults are more likely to look back and regret short-term, day-to-day spending, while those in mid-life are more likely to regret building up longer-term credit card debt. In both cases, the underlying challenge is the same: it’s very easy to drift into unhealthy spending or borrowing habits, especially without clear financial education early on. One in ten (10%) adults say they did not receive any financial education growing up and now struggle to manage money. Ensuring employees can access practical tools, guidance and targeted support when money feels difficult to manage should be an important part of employer's wellbeing offerings.
“The findings highlight that financial stress isn’t spread evenly across the workforce. Rising living costs and past financial decisions are affecting employees in different ways at different life stages, meaning some groups feel certain pressures more acutely than others. What matters next is responding in a practical, proportionate way. That means offering support that reflects the realities people face at different stages of working life, from help building everyday money confidence and managing short-term pressures, through to support navigating more complex financial decisions later on. Clear, accessible guidance can play an important role when finances feel harder to manage, helping employees feel more supported without adding complexity or pressure.”
|
