Blog post by Els Lagrou, Independent Financial Wellbeing Expert
Why Should Everyone Take Responsibility for Their Own Finances?
Public finances are out of balance, and budget deficits continue to grow. Every citizen feels the increasing pressure and uncertainty about the future. The combination of economic and political instability, along with global geopolitical tensions, is making people more anxious than ever.
Let this be a wake-up call for all of us: we need to take control of our financial well-being—because if we don’t, who will?
People are asking themselves countless questions:
How secure is my pension?
Is my group insurance enough to maintain my current lifestyle?
What should I do with my savings when my government bond matures?
Am I protected against financial fraud?
Will I ever be able to buy a house with my current job?
How much and how long do I need to save for my dream home?
Is my employer’s mobility plan financially beneficial for me?
How can I gain better control over my spending habits?
And the list goes on. But where do we even start?
The good news is that with targeted actions, we can take firm control of our personal budgets and financial decisions. Employers have a crucial role to play in supporting their employees in this process.
Financial Stress: A Costly and Painful Burden
While younger generations now receive some financial education in school, for many working professionals, this knowledge came too late. Banks and insurance companies provide financial information, but it is often insufficient or difficult to navigate. Not everyone feels comfortable in today’s digital financial world, leading to mistrust, uncertainty, and, ultimately, financial stress—a growing global issue.
This problem isn’t limited to the other side of the Atlantic. European data confirms that financial stress is a widespread concern. The Eurobarometer Survey on Financial Literacy in the EU (July 2023) highlights that financial stress affects people across all demographics, with significant consequences.
Financial stress negatively impacts our health, leading to sleep disturbances, unhealthy eating habits, and an increased risk of alcohol and drug abuse. But it doesn’t stay at home—it follows us to work, causing lack of focus, higher accident risks, lower productivity, and increased absenteeism.
A 2021 study in the UK estimated that financial stress costs employers £6.2 billion per year due to reduced productivity and absenteeism.
It’s time to take collective responsibility for our financial future and prevent financial stress from undermining our well-being and work performance.
Why Financial Wellbeing Must Be Part of Workplace Wellbeing Policies
Employers are investing heavily in employee well-being—offering gym memberships, psychological support, and personal development programs. However, one critical element is often missing: financial wellbeing.
Despite earning a salary, many employees struggle to manage their finances effectively. Money runs out too quickly, is poorly allocated, or financial mistakes remain unresolved due to a lack of knowledge. Additionally, many people don’t have the necessary insights to save strategically for their future goals.
A recent Deloitte study revealed that two-thirds (64%) of Belgian households are not financially resilient.
Improving financial habits is like training for a marathon—it requires time, effort, and persistence. While personal responsibility is key, employers can play a major role in strengthening their workforce’s financial resilience. By integrating financial education into corporate training programs—offering workshops on topics like pension planning, debt management, and savings strategies—organizations can help reduce employee financial stress.
This not only enhances employee well-being but also reduces absenteeism and boosts productivity.
By fostering financial resilience both at home and in the workplace, we create an environment where everyone benefits. For employers, financial education is more than a perk—it’s a strategic advantage. It attracts top talent, supports ESG strategies, and contributes to a healthier corporate culture.
A More Financially Resilient Workforce Starts Today
Don’t wait—take action toward a future where we all manage money more effectively, at home, at work, and in society.
Get inspired during my keynote: Integrating Financial Well-being into Your Company's Overall Well-being Strategy and discover why financial wellbeing is an essential part of a holistic workplace wellness policy.
Integrate financial literacy into your company’s lifelong learning strategy and familiarize yourself with concepts like financial resilience, inclusion, and wellbeing.
In my keynote, I dive deeper into the topics covered in my upcoming book:Why We Need to Talk More About Money (LannooCampus, March 2025).
Already convinced? Book my keynote: Building a Financially Resilient Workforce and kick-start financial wellbeing in your company. Your employees will start seeing money differently—starting that very day!
Let’s build financial resilience together! 🚀
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