UK 
United States
Lisa Townsend,
Chief People Officer, MONY Group
Lisa Townsend, CPO of MONY Group, the company which runs brands like MoneySuperMarket and MoneySavingExpert, discusses the importance of financial education among workforces...
Lisa Townsend,
Chief People Officer, MONY Group
Lisa Townsend, CPO of MONY Group, the company which runs brands like MoneySuperMarket and MoneySavingExpert, discusses the importance of financial education among workforces...
In the face of the ongoing cost-of-living crisis, financial wellbeing has emerged as a critical concern for employees and employers alike. Recent research by MoneySuperMarket and its charity partner, Campaign Against Living Miserably (CALM), underscores the profound impact of financial stress on workplace productivity and social dynamics.
Notably, one-in-five people report that financial difficulties have impaired their ability to concentrate at work, while nearly the same proportion has ceased socialising with colleagues to cut costs. These statistics highlight the urgent need for workplace initiatives that support financial health and foster open discussions about money-related stress.
Additionally, 19% have completely stopped socialising with colleagues in order to save money in the last year, and only 11% feel comfortable telling their line manager how money worries are impacting their mental health.
The MONY Group might not be a name you’re familiar with, but you will almost certainly recognise the name the firm went by until a rebrand earlier this year - MoneySuperMarket Group. It operates the eponymous price comparison website as well as MoneySavingExpert.com and TravelSupermarket.
As the company’s Chief People Officer, Lisa Townsend is at the forefront of addressing the challenges aforementioned. In this interview with HR Grapevine, she elaborates on the company's strategic initiatives aimed at enhancing financial wellbeing among employees.
These include the "Money Talks" campaign in partnership with CALM, which aims to break the taboo surrounding money worries by providing accessible resources and fostering an open dialogue. Additionally, the company has implemented practical support measures such as one-off financial assistance payments, increased pension contributions, and dedicated time for employees to manage their finances.
This year, the group hosted its second ‘Big MONY Workshop’, a day for staff to spend time ensuring they’re as financially fit as possible. The Big MONY Workshop encourages employees to 'design your day', where they can choose from a wide range of events webinars provided by colleagues and external providers and pre-booked 121 help and tailored checklists to save money.
The goal is for employees to do whatever makes sense for their personal situation, so that can be looking after their finances by booking in to see their Financial Advisor, running to a supermarket to cash in that coin jar, or anything else that they need.
Lisa emphasises the importance of leadership in recognising and addressing the signs of financial distress, advocating for a supportive corporate culture that prioritises employee wellbeing during these challenging times...
How is MONY Group helping to break down the taboos around discussing financial difficulties?
We launched our charity partnership with CALM because we wanted to combine CALM’s expertise in mental health support with our experience helping households save and look after their money.
Our joint Money Talks campaign aims to break down the taboo that stops people talking about money worries. In the last 12 months, eight in ten people have experienced money worries, while three in four haven’t talked to anyone. The Money Talks hub is available for everyone and has resources to make talking about money and getting support easier. It’s been brilliant to see our team get involved in this campaign, and our wider fundraising efforts for CALM. It’s been hugely empowering for our colleagues to be able to get behind this cause.
Beyond this campaign, we’re a Real Living Wage accredited employer and we’ve recently increased the company pension contribution for everyone, so our people will benefit even if they can’t contribute more to their pension right now.
We’ve put two other support systems in place in recent years: we offered almost half of our colleagues a one-off payment to help during the cost-of-living crisis; and last year with The Big MONY Workshop we trialled giving our colleagues dedicated time away from their desks to focus on their own finances, and running a series of workshops benefiting from both internal and external financial expertise, which was very well received.
What strategies can HR departments employ to encourage open conversations about financial wellbeing within the workplace?
Our purpose is to help households save money, and conversations about finances and money are part of our day-to-day working life. But it can still be tricky to talk about your finances, especially if you’re worried about money.
Talking about money worries is uncomfortable, but the research shows that being open and listening helps people feel supported and less isolated
Lisa Townsend | Chief People Officer, MONY Group
HR and People teams can make sure managers know the signs to look out for, and how to sensitively check-in and signpost support. Teams could think about offering extra benefits or support that could help, and make sure people know about them. This could be anything from paying expenses upfront for travel to work events, to covering the cost of travel for apprenticeship scheme applicants to attend their interviews.
Finally, clearly signpost where people can turn to for independent support. For instance, an employee assistance service or resources like the Money Talks hub.
