Helping colleagues feel financially confident is one of the most meaningful things an employer can do. It is easy to jump straight to the ‘rainy days’, and, of course, having a cushion for life’s unexpected bumps is important. But true financial wellbeing goes much further. It is about helping people feel confident about their future, giving them opportunities to grow in their careers, and encouraging them to save for their ‘sunny days’ too so they can do things which bring them joy.
An important part of long-term financial wellbeing is knowing that you can grow in your career, develop your skills, and access different opportunities. That is why supporting employees with career development is so important. When people can see a clear pathway to progress, and have support through things like mentorships, apprenticeships and structured development programmes, they can start to feel more confident for their long-term finances. We are proud to say we filled almost half of our vacancies internally last year, with circa 300 colleagues moving to new roles. It shows just how much appetite there is for growth when people are given the opportunity.
When it comes to day-to-day financial management, there are lots of practical steps we take. From the basics like regular pay reviews, bonus schemes that mean all colleagues share in the success of the organisation, matched pension contributions and benefits like life assurance, income protection or paid leave for carers, these are all ways to create more security. Our financial education programme, particularly around complex topics like pensions, empowers people to make the most of their money.
And it is important to remember saving should not just be about things going wrong, but things going right. Encouraging people to put something aside for holidays, hobbies or special experiences supports both financial resilience and happiness. Because financial wellbeing isn’t only about protection, it is about possibility.
Lucy Becque is group chief people officer at Coventry Building Society
