Wherever you look, the evidence and research all point to one stark fact. Britain is in the midst of a huge debt problem. And it’s not just a financial issue, it affects mental health, employee wellbeing and ultimately, performance.
As much as 40% of your workforce may be worrying about debt or expect their financial situation to worsen this year. They need help, and that’s why we are pleased to support Debt Awareness Week, taking place this year between 16-22nd March.
The stigma of debt
One of the biggest challenges facing anyone wanting to help others manage their debt is stigma. A large number feel ashamed and don’t want to talk about it and this will be the same for employees. Changing this is one of the objectives of Debt Awareness Week, organised by the debt charity StepChange. They want to tackle stigma, open up conversations about debt and promote ways to access help and advice. As we will see, the scale of the problem makes the success of this campaign particularly important.
Debt in the UK
StepChange runs a debt advisory service, and the take up this year shows how widespread the problem of debt is. StepChange saw nearly 100,000 people visit their website in January 2026 alone. At their busiest day, 800 clients went through debt advice.
What’s more, research commissioned by StepChange reveals that two in five (40%) of adults, equivalent to just over 21 million people, expect their financial situation to deteriorate over the next 12 months. And Citizens Advice report a 45% increase in the numbers of people they have helped with debt advice between 2021 to 2025.
These problems have real impacts on daily life. Citizens Advice data reveals 35% of those in debt are struggling to buy essentials like food, and around 20% had utilities such as heating cut off due to their inability to pay. Many are struggling to eat while living in freezing houses due to debt. The rising costs of living show no signs of slowing down, piling on the financial pressures to personal and household finances.
The impact on health and work
Financial worries don’t stop when people are at work. That’s why a responsible employer will recognise the impact of debt and act with empathy and practical interventions to ease that pressure. As we’ve covered, stigma means many won’t want to talk about their debt problems which makes identifying those who need help all the more challenging.
But, left without help, money worries can trigger stress, anxiety, sleep problems and emotional exhaustion.This often translates into a loss of focus or motivation, higher levels of absence and a reduction in productivity and engagement. This also has the potential to put the safety of fellow employees and customers at risk.
What can employers do to help?
Create a safe environment for conversations: It is unlikely that any help can be given if those important conversations don’t happen. Even if they take place with an employee assistance counselling service and not a line manager, the important part is making them happen. That’s why we suggest you start with some general awareness around debt in the workplace and make a start on normalising conversations around finances and debt. Training line managers and team leaders on listening with empathy will play an important part in this.
Signpost where to get help: Connect employees with your own employee assistance scheme or other trusted debt advice services such as StepChange or Citizens Advice, which offer free and confidential support, including help with budgeting and negotiating with creditors.
Encourage early steps: As part of the conversation, and in your internal comms, explain that taking early, practical steps can make a real difference to a debt situation. Creditors such as banks and energy companies have a responsibility to support those in financial difficulty, so explain that reaching out early can open the door to options that ease the pressure.
Embed financial wellbeing from the top down: Getting leaders on board with financial wellbeing can make all the difference in embedding an effective strategy. As well as the clear business and productivity case, there’s also the moral issue. Showing that you are recognising the problem of debt helps to build a more supportive culture. So, get leadership support for the wider goals of a campaign like Debt Awareness Week (e.g. reducing stigma, improving financial literacy, supporting those in crisis) – and then put the practical means to do this in place.
Firm up your practical support: Good intentions on debt support need deliverable actions. This could mean awareness exercises that signpost support through to actions that ease financial pressures such as flexible pay options that let employees draw pay early and access employee discounts.
In conclusion
Money worries are now one of the most significant drivers of stress, distraction and reduced productivity at work – and yet the shame people feel around it often prevents them from getting the support they need. Organisations have very valid reasons to intervene with a mix of awareness, empathy and real practical help. While an awareness week raises the profile of the problem, employees need your support before, during and afterwards.
How to support StepChange and Debt Awareness Week
StepChange supports thousands of people across the UK with debt advice, offered without judgement. Debt Awareness Week is just a small part of the work carried out by this valuable charity. To find out more, and how your organisation can get involved, see the Debt Awareness Week 2026 page.
Get our guide
Cordell Health have produced a guide on financial wellbeing. It’s available to subscribers to our wellbeing subscription service. If you’d like to know more about this service, please contact us on wellbeing@cordellhealth.co.uk
