Why your top employees are stressed about money

Wealthbit's Financial Freedom Programme is tackling exactly this: Empowering your team to take charge of their finances and setting up for a secure future. 👉 Learn more

Imagine one of your top-performing employees—let’s call him Michael. He’s in his late 30s, working at a leading professional services firm, earning a solid six-figure salary. From the outside, he appears successful. Yet, beneath the surface, he’s drowning in financial stress—balancing mortgage payments, private school fees, and the ever-rising cost of living. Unexpected expenses, like a medical emergency or a car repair, can push him into financial anxiety.

Michael isn’t an outlier. Across South Africa, employees—regardless of income level—are experiencing financial strain, affecting not just their well-being but also your business’s performance.

As a business leader, you might assume that financial stress is only a problem for lower-income employees. But data suggests otherwise. In fact, your highest earners could be among the most financially anxious. This silent burden is affecting their productivity, engagement, and even their loyalty to your firm.

The reality of financial stress among high-income professionals

Financial stress is a widespread issue in South Africa:

• A Floatpays study found that 74% of South African employees rate their financial stress as medium to high.
• The 2024 Sanlam Benchmark Survey revealed that 43% of respondents reported financial stress negatively impacting their mental health.

Even professionals earning well above the national average aren’t immune. Here’s why:

1. Lifestyle inflation

As incomes rise, so do expenses. A bigger house, a newer car, better schools for the kids—these incremental upgrades quickly become fixed costs, leaving little room for financial flexibility.

2. Debt obligations

High earners often have larger financial commitments—think home loans, car financing, and credit card debt. While these are manageable under normal circumstances, a single financial shock can create a crisis.

3. Economic pressures

Inflation, rising interest rates, and increasing education and healthcare costs continue to squeeze household budgets, even for high earners.

This combination leads to a stressful financial tightrope, where employees constantly feel one unexpected bill away from financial instability.

The business impact of financial stress

When your employees are financially stressed, your business suffers in three key areas:

1. Reduced productivity

• Financially stressed employees are 5.8 times more likely to struggle with completing daily tasks and 4.9 times more likely to produce lower-quality work.
• A distracted, anxious employee is less engaged, leading to errors, delays, and missed opportunities.

2. Increased absenteeism & health issues

• Financial stress contributes to mental health challenges like anxiety and depression, which result in higher absenteeism and lower overall well-being.
• Stress-related illnesses also drive up healthcare costs for employers.

3. Higher turnover rates

• Employees experiencing financial distress are more likely to seek new opportunities with higher salaries—even if they love their current job.
• Turnover is expensive, costing companies time, resources, and workplace morale.

Simply put, when employees struggle financially, businesses lose money, productivity, and top talent.

The leadership blind spot: Unseen financial struggles

Despite the clear impact of financial stress, many business leaders remain unaware of the issue within their workforce. Why?

• Employees don’t talk about money. Many fear being judged or seen as irresponsible if they admit to struggling.
• A high salary doesn’t mean financial security. Even well-paid employees can be financially stretched, but leaders often assume that higher earnings equal financial stability.

Consider this scenario:

A high-performing senior manager at your firm starts missing deadlines, appearing disengaged in meetings. Over time, their performance declines, and eventually, they resign—citing "personal reasons." What if, instead of losing them, you had proactively addressed their financial stress before it impacted their work?

Start by checking in on yourself. In under 4 minutes, you’ll get a personalised, practical snapshot of your own financial wellbeing — the same tool we use to uncover the hidden pressures your team might be carrying too.

What employers can do to reduce financial stress

As a business leader, you can’t control economic pressures, but you can empower employees with the tools to manage their finances more effectively. Here’s how:

1. Create a culture of open communication

• Encourage financial well-being conversations without stigma or judgment.
• Normalise financial literacy as part of overall employee wellness.

2. Offer financial wellness programmes

Providing access to financial coaching, workshops, or budgeting tools can equip employees with practical strategies to reduce financial stress.

Wealthbit's Financial Freedom Programme (FFP) helps employees navigate their financial goals, plan for emergencies, and take control of their money. By implementing structured financial education, companies can improve employee well-being, reducing financial stress at the root.

3. Provide flexible compensation options

• Flexible payroll structures (e.g., early access to earned wages) can help employees manage short-term cash flow challenges.
• Emergency loan programs or employer-backed savings schemes can offer financial resilience in tough times.

4. Empower employees with better financial planning tools

• Digital financial planning platforms allow employees to set savings goals, track spending, and receive personalised guidance.
• Interactive tools can help employees make informed financial decisions, reducing stress and increasing confidence.

Wealthbit's financial planning app, for example, shows your Financial Freedom Score, keeps your goals visible, and helps you keep making progress — one smart step at a time. It’s more than a tracker. It’s like having a financial coach in your pocket — guiding you, nudging you, and helping you build momentum every time you open it.

5. The business case for addressing financial stress

Investing in financial well-being isn’t just a “nice-to-have.” It’s a strategic move that directly impacts your bottom line.

The ROI of Financial Wellness Initiatives

Your best employees might be experiencing financial stress in silence, but you have the power to change that. Addressing financial well-being isn’t just about supporting individuals—it’s about building a healthier, more resilient workforce and ultimately, a stronger business.

By integrating financial wellness programs like the Financial Freedom Programme, you’re not only helping employees take control of their finances—you’re positioning your business as a leader in employee care, productivity, and long-term success.

✅ Increased productivity: Employees who aren’t worried about money are more focused and engaged.✅ Higher employee retention: Financially secure employees are less likely to leave for a higher-paying job.✅ Stronger employer brand: Supporting financial well-being makes your company more attractive to top talent.

Ready to explore financial wellness solutions for your employees?

Start the conversation today and build a workplace where financial freedom isn’t just an individual goal—it’s a business advantage.

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