Financial wellbeing programmes are becoming more sophisticated, with employers increasingly focusing on strategy, governance, measurement and outcomes, according to new research from the Reward & Employee Benefits Association (REBA) in partnership with WEALTH at work.

The research shows that organisations are moving beyond simply offering benefits and are placing greater emphasis on improving engagement, measuring success and demonstrating value.

To overcome common financial wellbeing programme challenges, almost all organisations (93%) say they are taking steps to improve employee awareness, engagement and take-up of existing financial wellbeing support over the next two years. In addition, almost four-fifths (79%) are working to ensure financial wellbeing initiatives form part of a broader wellbeing strategy, helping to create a more joined-up approach to employee wellbeing.

Actions that have already or will be taken to improve the governance of financial wellbeing programmes include establishing clearly defined financial wellbeing strategies (60%), setting clear objectives or targets (53%) and introducing programme performance metrics (50%).

Employers are using data to assess the effectiveness of their financial wellbeing programmes, although measurement remains relatively limited. Nearly two-thirds (63%) analyse benefits usage data, such as take-up rates, to evaluate programme performance and return on investment, while more than half (55%) track employee engagement. However, despite this, more than a quarter (27%) of organisations still do not collect any financial wellbeing data.

Among those utilising data, 68% use it to provide insights to leadership and the board, while 67% use it to identify actionable outcomes including employee groups that may require specific support. Nearly six in ten (59%) also use the data to assess the impact of financial wellbeing initiatives on engagement and motivation.

Jonathan Watts-Lay, Director, WEALTH at work, comments: "Financial wellbeing has matured considerably over recent years. Employers increasingly understand that simply making benefits available is not enough. The real challenge is ensuring employees engage with the support available and that it delivers meaningful outcomes.

"The most effective organisations have clear objectives and use data to understand what is working, where support is needed and how programmes contribute to wider wellbeing and workforce goals. This includes monitoring engagement, gathering employee feedback and identifying how needs differ across workforce groups and life stages.

"It's encouraging to see employers are embedding financial wellbeing into broader wellbeing strategies. Financial wellbeing isn't static. Employees' priorities and circumstances change over time, so programmes must evolve accordingly to remain relevant and effective.

"Measurement plays a critical role in this process. By combining engagement data with employee feedback and behavioural outcomes, employers can gain a clearer understanding of the value their programmes are delivering. Sharing these insights also helps demonstrate impact to employees, senior leaders and other stakeholders.

"Specialist workplace financial wellbeing providers can support employers by helping them establish clearly defined financial wellbeing programme goals, alongside providing robust data, meaningful insights and ongoing feedback on the effectiveness of interventions. This enables organisations to measure impact, demonstrate return on investment and continuously refine their approach. In turn, financial wellbeing support can remain targeted, relevant and capable of delivering positive outcomes for both employees and the business."