The Role of Peer Support in Promoting Financial Wellness

Saving money shouldn’t feel like a solo mission—but for many employees, it does. Even the best financial wellness programs can fail if employees feel they’re tackling their goals alone, without support or encouragement.

Now, imagine if saving became a team effort. Coworkers share stories, cheer each other on, and celebrate progress—that’s the power of peer support.

By building a workplace savings community and cultivating a savings culture, employers can turn saving money into something employees look forward to—together.

Peer Support Is the Sauce of Financial Wellness

Building good habits is easier with people by your side. Employees are much more likely to reach their financial goals when supported. Without that, it’s a lot harder to stay on track.

Take emergency savings, for example. It’s a key part of financial wellness, yet many struggle to build them. According to Bankrate's Savings Report, 31% of Gen Z (ages 18-26) have no emergency savings. This shows how tough it is for young workers to prioritize saving while managing student loans, entry-level salaries, and climbing living costs.

That’s where a workplace savings community comes in. It’s like having a team to cheer you on—coworkers celebrating your wins, holding you accountable, and keeping you motivated.

Employers can encourage a savings culture and create an environment where saving becomes a shared effort. This can transform financial wellness from a “someday” goal into a daily habit.

How Peer Support Can Boost Financial Wellness Programs

For many employees, saving money feels like a personal journey, making staying motivated harder. However, peer support can turn an average financial wellness program into something impactful. Here’s how:

1. Accountability

Skipping a financial goal is much easier when no one else knows. But when coworkers check in, skipping doesn’t feel so easy anymore.

Sharing goals with a group builds accountability that drives action. Imagine a team meeting once a month to share progress. One employee celebrates reaching their emergency savings goal, while another talks about being halfway there. These shared milestones inspire others to stay committed.

2. Conversations Break Stigmas Around Finances

Most of us were raised to believe finances are private—sometimes even shameful.

Peer groups change that by creating a safe, judgment-free space to discuss finances.

In these conversations, coworkers trade budgeting tips, share expense-cutting strategies, and laugh over money mistakes. This openness makes saving relatable.

When employees realize they’re not alone in their financial struggles, the shame around money disappears. It’s financial literacy at its most human, and it helps everyone feel empowered to learn and grow.

3. Turning Skepticism Into Engagement

Not everyone jumps at the idea of a financial wellness program. Some think, “It won’t work” while others assume, “That’s just for people who have money, that’s not for me.” But seeing peers embrace the program—and succeed—can change minds.

A PwC study revealed that 74% of employees are more likely to engage in financial wellness programs when they feel supported by their employer. Peer support amplifies this effect by adding an extra layer of encouragement and connection.

How to Build a Savings Culture with Peer Support

So, how do you create a culture where employees support each other and enjoy talking about savings?

1. Start Small Savings Circles

A “Savings Circle” can be as simple as a group of coworkers meeting over lunch to discuss their financial goals. These informal groups promote camaraderie and accountability, making it easier for employees to stick to their plans.

For instance, a circle might set a collective goal—like saving $5,000 together within three months. As members inch closer to the goal, the shared excitement fuels motivation.

2. Go Digital for Remote Workers

Remote employees shouldn’t miss out on the benefits of peer support. Use dedicated apps to create virtual savings communities.

These tools can offer features like progress tracking, resource sharing, and friendly competitions—think, “Who can save the most this quarter?” Such digital solutions make it easy to keep everyone involved, regardless of where they work and significantly boost participation in hybrid and remote workplaces.

3. Celebrate Like It’s a Payday

Employee recognition drives higher participation in workplace wellness programs. Simple gestures like email shoutouts, mentions during team meetings, or small rewards can make a big impact.

Celebrating financial milestones doesn’t just motivate those involved—it also inspires others. If an employee meets their savings target in their ESA, why not highlight their achievement in the company newsletter? A little recognition goes a long way in building momentum.

4. Add Incentives for Teams

Nothing sparks engagement like a little friendly competition. Companies can offer team-based rewards for groups that hit their savings goals early or save the most collectively.

These incentives don’t need to be elaborate—something as simple as a team lunch or gift card can work wonders. Not only do they boost participation, but they also strengthen connections among coworkers and make saving feel less like a chore and more like a shared adventure.

Building a Culture of Financial Confidence

Peer support isn’t just a feel-good addition to financial wellness programs—it can enhance engagement and drive meaningful results.

It becomes even more effective when paired with simple, intuitive tools that inspire participation. Sunny Day Fund makes this possible by seamlessly integrating into workplace cultures to help employees save smarter, track their progress, and celebrate achievements together.

By combining the strength of peer support with our ESAs, organizations can cultivate a culture where employees feel confident, supported, and motivated to achieve their financial goals.

Together, we’re not just encouraging savings—we’re writing a success story that benefits employees and builds stronger organizations.

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