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I had a conversation recently that stuck with me
A colleague was speaking to a team member who was close to returning from maternity leave. He’d shared a post about the unexpected tax implications of earning over £100k while raising children – a topic that doesn’t often get much airtime.
What came next surprised them both.
She’d already done the sums. She had been quietly considering the impact on her household income and had come to a conclusion: the only financially viable option, in her eyes, was to return to work as a part-time employee.
This is not an unusual outcome – 36% of women in the UK work part-time after having children. What is unusual is that the employer found out before she had made the decision.
That’s a rare moment of insight. And a powerful one.
Because here’s the truth: most leaders don’t know what decisions their people are making behind the scenes due to financial pressure.
In fact, around three-quarters of UK employees have never spoken to their line manager about their financial wellbeing. And who can blame them? Talking about money at work still feels taboo, even though financial stress is one of the top causes of workplace distraction, anxiety, and attrition.
But what if you could change that?
The reality faced by high income earners in the UK
In the UK, a “high earner” is typically defined as someone earning £100,000 or more per year. This might sound like a financial sweet spot, but it actually comes with a host of hidden challenges.
At this income level, employees start facing:
- The tapering of their personal tax allowance, meaning they lose £1 of tax-free income for every £2 they earn over £100k. This can results in a higher marginal tax rate – effectively over 60% in certain bands
- The loss of access to certain other benefits such as 30 free hours of childcare and/or tax free childcare which can significantly affect families with young children
- A growing expectation to “have it all together” financially, even when the reality feels more complex
Add to that a major life event, like having a child, and it’s easy to see how even well-paid professionals can feel financially overwhelmed and under-informed.
How to support your valued employees
The concept of a well rounded financial wellbeing solution usually comprises three parts – 1) financial education, 2) money management tools, and 3) access to financial experts. This is where expert financial coaching has a unique role to play.
While many employers have embraced financial education and money management tools as part of their wellbeing offer, financial coaching remains one of the most underused – yet most impactful – resources available.
Not in the “how to budget” sense, but in offering space for personalised and guided conversations about the real challenges high earners face.
If your employees are within the ¾ of employees who have never spoken to their line manager about their financial wellbeing, here are some questions that are likely keeping your employees up at night:
- How do I optimise my income without losing benefits?
- What’s the smartest way to structure my pension contributions?
- Is part-time work financially viable for my family?
- Should I invest, save, or pay down the mortgage?
The benefits of financial coaching
Unlike generic money tips or automated advice tools, financial coaches are qualified financial advisers who bring professional expertise, without the pressure to sell products. They provide something that’s often missing in traditional financial services: ongoing guidance, personalised support, and accountability. Whether someone is navigating complex tax questions, planning for parental leave, or simply trying to make smarter use of their income, a coach helps them stay on track and make confident decisions.
Here are some key characteristics of a financial coach:
- Financial coaches focus on skills, actions, emotions, and goals.
- Coaches provide a safe space for employees to share their worries and financial shortcomings to deal with the problem directly.
- Their guidance is based on information that is accurate, balanced and not misleading.
Financial coaching can benefit your employees in these ways:
- Boosts financial confidence and literacy – By offering tailored, expert support, coaching helps employees build healthier money habits and feel more in control of their financial lives.
- Empowers long-term planning – With personalised guidance, employees can create a financial roadmap that aligns with their unique goals and circumstances, making the journey truly their own.
- Drives accountability and progress – Employees are more likely to stay committed and achieve their financial goals when they’re supported by someone who helps track their progress and keep them motivated.
- Supports work-life navigation – Coaches can help employees work through complex financial decisions that may impact their careers, fostering open, proactive conversations that benefit both the individual and the business.
Conclusion
High earners may not always be the loudest voices when it comes to financial stress, but that doesn’t mean the pressure isn’t there. In fact, the decisions they face are often more complex, more personal, and more impactful to both their lives and your business.
As the story at the start of this blog shows, employees are often making big life decisions, like whether to reduce hours, based on financial pressures their managers may never hear about. That gap in communication is costly. But it’s also an opportunity.
By providing access to financial coaching, you give your people a safe, confidential space to talk through financial stressors before they escalate into disengagement, performance issues, or exit strategies.
It empowers employees to take control of their financial future while opening up a new channel of trust, transparency, and support between the employee and employer. Financial coaching doesn’t just support the individual, it strengthens your culture, your retention strategy, and ultimately, your bottom line.
To learn more about Maji’s financial wellbeing and coaching offerings, click here.
