Why some employers are using their pensions budget for Money First Aid training

Money First Aid
Apr 24
4 min read

When we talk about pensions and retirement, the focus is often on contribution levels, investment choices, and ensuring staff are auto-enrolled. But what if we zoomed out and looked at the bigger picture of financial wellbeing? More and more employers are starting to do just that - recognising that it’s not enough to encourage pension contributions if employees are struggling to make ends meet day to day.

In fact, some forward-thinking organisations are using part of their pensions budget to fund Money First Aid training. Why? Because they understand that helping employees feel confident talking about money, managing financial stress, and making better everyday decisions is key to long-term planning, including retirement.

Bridging the gap between now and the future

For many people, retirement feels like a distant concept and something to worry about later. But the reality is, the decisions people make now, especially in their 30s, 40s or even earlier, have a huge impact on what retirement looks like.

However, if someone is struggling to keep up with bills, avoid overdraft charges, or navigate debt repayments, then pensions naturally drop down the priority list. In some cases, employees stop their pension contributions altogether: not because they don’t value retirement planning, but because they feel forced to choose between long-term savings and immediate survival.

This is where Money First Aid comes in.

What is Money First Aid?

Money First Aid is practical, accessible training that equips employees to spot signs of financial difficulty - both in themselves and others - and have supportive conversations about money in the workplace. It doesn’t offer financial advice. Instead, it builds confidence, breaks the stigma around money worries, and connects people with the right resources at the right time to get the financial support they need.

Why employers are investing pensions budget in Money First Aid

Here’s how the link between Money First Aid training and pension contributions plays out in practice:

1. Creating the conditions for long-term planning

Financial stress is one of the biggest barriers to effective retirement planning. If someone is anxious about their current financial situation, they’re unlikely to want to engage with long-term saving tools, no matter how well-designed your pensions communications are.

By helping staff feel more financially resilient and supported, and by connecting them to financial aid they could be eligible for, Money First Aid lays the groundwork for positive engagement with pensions. It gets people into the right headspace and perhaps a stronger financial position, to think about the future.

2. Preventing contribution drop-off

One of the major concerns for employers is employees pausing pension contributions due to short-term financial pressure. These breaks can have a significant impact on retirement outcomes, and sometimes employees never restart them.

Money First Aiders are trained to spot the warning signs and support colleagues before things reach that point. A timely, empathetic conversation could be the nudge someone needs to seek help, explore support schemes, or adjust their budget rather than opting out entirely.

3. Empowering peer support

A key feature of Money First Aid training is that it doesn’t rely solely on HR or line managers. Instead, it upskills colleagues across the business to become go-to points of support.

In practice, this means there are more opportunities for natural, stigma-free conversations about financial challenges and more chances to redirect people to pension tools, benefits platforms, or other services when they’re most needed.

4. Maximising the impact of existing benefits

Many employers already offer financial wellbeing resources, like pensions education, financial calculators, webinars, and even one-to-one financial advice or coaching. Often, these tools are underused. Employees might not know they exist, or feel too embarrassed to engage.

Money First Aid helps unlock the value of these benefits by creating a culture where it’s safe and normal to talk about money, and Money First Aiders can act as ambassadors for promoting these benefits to their peers.

5. Meeting the needs of a diverse workforce

Not everyone starts from the same place. For some, retirement planning is a natural step; for others, especially those living paycheck to paycheck or managing multiple debts, it can feel completely out of reach.

Money First Aid acknowledges these differences and the inequalities that exist across different financial challenges. That inclusive approach makes it a powerful complement to any pension strategy.

A strategic investment in long-term wellbeing

Money First Aid isn’t here to replace your pensions education or financial benefits: it’s here to make them work harder and increase their uptake. It’s a foundational course that helps ensure your wider investment in retirement planning is landing with the people who need it most.

By directing a portion of your pensions or financial wellbeing budget into Money First Aid training, you’re helping to:

Reduce the likelihood of employees pausing or stopping pension contributions
Drive meaningful engagement with existing financial tools and support on offer
Take a whole-person approach to long-term financial wellbeing
Show leadership through early, human-first intervention

Final Thought

Helping employees contribute more to their pensions isn't just about higher employer match rates or glossy comms campaigns. Sometimes, it's about giving people the headspace and support to believe that a stable, secure financial future is within their reach.