The financial wellness programmes that an organisation offers as part of its employees benefits package can greatly benefit its employees – not only in terms of their financial wellbeing but their emotional wellbeing, too.

So why do so many employees not use these programmes when they’re offered right at their workplace?

In this conversation recorded for episode 4 of the latest season of Old Mutual Corporate’s Big Business Insights podcast, Blessing Utete and his guests explored what employers can do to get their employees to engage with these initiatives more frequently and fruitfully.

Utete is the Managing Executive at Old Mutual Corporate Consultants. He was joined by Fatima Vawda, founder and CEO of 27Four and a Director of the Association of Savings and Investments South Africa, and Mlamuli Mbambo, MD of Money Fundi, a financial education speaker, coach and author.

Safety first

It starts with creating a safe environment where people feel comfortable expressing themselves and taking risks.

“Many employees, I found, don’t tend to trust financial services providers or their employers to prioritise their interests,” explained Vawda. “This form of distrust is often rooted in past experiences with opaque financial products or predatory practices.”

Especially in South Africa, where power has not always been wielded benevolently, employees find it hard to believe those in charge are looking out for them. Mbambo has extensive experience as a guest speaker at employee financial wellness events, and has been interested to hear from attendees after his talks that they initially thought he was just trying to get them to buy something.

The lack of faith in financial institutions is worsened by our local context, according to Vawda. “There are a lot of issues plaguing society at the moment: economic anxiety, a lot of disinformation, class divide, and leadership failure.”

The role of leaders in encouraging engagement

But people have the potential to turn things around. Leaders play a critical role in promoting financial wellness at work – even though it’s not in the way you might think. Mbambo shared an example from a recent event: “One of the senior executives came in and shared their struggles with finances [that they had experienced] previously. You could see the room become a lot more vulnerable and…open to having the conversation.”

Authentic, transparent communication from leadership is fundamental to fostering engagement with these financial wellness programmes. “You’re not Superman; you’re not Batman. You don’t have to be perfect,” said Mbambo. “Share the trials you’ve gone through and a lot of the employees will probably identify and relate to that. Then we’re able to have an honest conversation about how we might help them.”

Vawda agreed: leaders who actively endorse and participate in financial wellness programmes signal the importance of these initiatives to employees. “People want to work for companies that have a good corporate culture…that all comes down to the trust in the leadership of an organisation,” she said.

Accessibility matters – especially in South Africa

Talking about money is taboo in many cultures, especially the lack of it. “We find that employees avoid financial programmes because they feel embarrassed or they feel ashamed of their financial situation, or like it’s too late to make any kind of meaningful change,” explained Vawda. These behavioural insights show that if financial struggles can be normalised, positive reinforcement can help mitigate these fears.

But there’s more we need to do. In South Africa, as an emerging economy, accessibility is still a big barrier because of inequality, said Vawda. “Financial wellness programmes are sometimes not designed with financial inclusion in mind, so things like language, digital literacy, regional disparities, and access to technology can all hinder engagement. Employers need to ensure that any kind of programmes they introduce cater to employees at different income and educational levels.”

Storytelling as a strategy

It’s vital to create a supportive environment where open discussions about finances can reduce stigma. Additionally, peer-to-peer learning initiatives that make people feel part of a community can be helpful.

Meeting people where they are – on their phones! – can reduce barriers to engagement, too. Technology, such as gaming tools and apps, can be used to teach employees about financial skills. Mbambo also emphasised the power of storytelling and making financial matters relatable through familiar tales. All of these approaches can help show the ‘why’ behind financial strategies to connect better with employees.

Listen to the podcast episode above for the full conversation, which includes first-hand experiences and tips. Wellbeing in the workplace is so much more than a box-ticking exercise. Employers can play a role in positioning their team for a life lived fully, healthily and safely. If leaders can shift their perspectives, emphasising trust, inclusivity, and open conversations about money, everyone will be better off.

Tune in on your favourite podcast platform like Spotify or Apple Podcasts to listen to this episode and subscribe to hear others in the series, or listen in on YouTube.