If you think your organization is offering the right financial wellness benefits for all your employees, it might be time to think again.
Results from ZayZoon’s recent Money Mindsets Quiz found that most workers are stuck in survival mode, without accessible tools to get out of it. 47% of employees are “squirrels” who track their finances closely and rarely stray from their budget.
That might sound like smart money management, but it doesn’t necessarily relieve underlying stress. Of 800 North American employees quizzed, 48% feel anxious when thinking about their financial situation. And this anxiety was consistent across mindsets, from cautious “squirrels” to “octopuses” who enjoy spontaneous purchases.
As financial stress chips away at workplace engagement and productivity, many employers are responding with financial resources. But often, these resources ignore the real financial needs and perspectives of today’s employees, leaving critical gaps in support.
It’s time to move beyond one-size-fits-all financial wellness solutions. Tailored tools that align with employees’ financial mindsets help them play to their strengths and work toward lasting financial stability.
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Generic financial wellness resources miss the mark
Faced with a persistent cost-of-living crisis, it’s no surprise many employees are “squirreling” away money to protect their safety nets. The issue is, saving doesn’t always translate to feeling financially secure.
Essentially, 47% of employees are overly cautious and hesitant to spend on anything beyond necessities. Comparatively, only 1% of employees surveyed are “beavers,” who take a long-term, strategic approach to money. Just 2% are “bulls,” who lean into financial risk and investment growth.
Employees are eager to take control of their finances: 60% look for creative ways to save money and maximize value, while 42% say they like to plan and track their financial goals.
And more and more, they’re turning to their employers for help. In fact, 81% of employees agree their employer should invest in their financial wellness and literacy.
But if workplace financial well-being resources don’t align with how employees engage with money, what value do they offer? A “squirrel” doesn’t need another spend tracking tool — they need accessible, ongoing guidance on how to feel confident balancing saving with intentional spending.
Chances are, your employees have a range of financial mindsets, from cautious savers to confident investors. To move the needle on financial well-being, and by extension employee performance, resources and benefits should reflect those differences and deliver support where it counts.
3 key components of employee-centered financial education
There’s no shortage of financial advice out there, but it can be difficult for employees to find guidance that fits their priorities. Every person approaches money differently, with unique stressors, habits, and knowledge gaps.
Effective workplace financial wellness support should meet employees where they are, with tools to match their day-to-day experiences.
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Tailored and individualized resources
Think of it this way: If an employee’s performance review flagged leadership gaps, you wouldn’t send them to a coding workshop. Instead, you’d offer training targeted at mentorship or communication skills. Financial education should follow the same approach.
For example, “squirrels” are skilled savers but struggle with long-term planning and spending on non-essential items. Resources focused on long-term goals, like retirement planning, can help them feel more comfortable with the occasional planned purchase.
On the other hand, employees with an “octopus” mindset — who prioritize experiences — may benefit from saving and budgeting tools that monitor spending without removing flexibility. Features like automated saving or dynamic budget reminders would allow them to set money aside while leaving room for spontaneity.
You don’t need to know every individual’s financial mindset, but understanding broad trends in your workforce helps you offer toolkits that resonate.
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A shame-free approach to financial mindsets
Along with tailored financial resources, make sure your workplace culture normalizes different money habits. There’s no “right” or “wrong” financial mindset, it’s a matter of building on existing strengths.
If diversifying investments is an area of growth for many employees, a strategic investing workshop could offer practical guidance. Acknowledge beforehand that these topics can often feel overwhelming, so there’s no shame in not knowing where to start.
Supporting different money mindsets also requires judgment-free solutions. Enabling earned wage access, for instance, allows employees to access their wages ahead of payday, so they can manage their cash flow privately and on their terms.
Considering that 63% of workplaces report a rise in productivity after introducing EWA, the value of offering these resources is clear. And the more you celebrate the process of financial learning, the more employees will take advantage of their resources and ask for support when needed.
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Opportunities for employee knowledge sharing
Financial education doesn’t have to be a solo effort. Often, employees can learn just as much from one another as from traditional resources.
Our research found that each money mindset has an “ideal collaborator,” or a complementary profile that balances their financial habits. For example, “squirrels” and “raccoons” are both disciplined savers, but “raccoons” might introduce creative ways to maximize value through discounts or bargains.
Peer-led guided learning sessions can be open, low-pressure spaces for employees to exchange strategies and insights around financial decision-making. Beyond sharing information, these interactions also reinforce that each person is working toward financial stability in their own way.
Financial wellness resources should fit the employee, not the other way around
Employers don’t need to guess what financial wellness support their teams need. By understanding the mindsets that shape how employees save, spend, and plan, they can provide benefits that build on strengths and close financial knowledge gaps.
When financial education is personalized and stigma-free, employees gain new agency to manage their financial stress, leaving you with a more engaged, resilient workforce.
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