Financial coaching is emerging as a key tool in workplace wellbeing strategies as employees seek more personalised support, according to a new report.

Despite the demand for financial coaching, employers remain focused on traditional financial education or digital tools, according to ‘The Value of Financial Coaching’ report.

Produced by wealth manager TrinityBridge, formerly known as Close Brothers Asset Management, it suggests coaching can fill the space between education and regulated financial advice by offering structured, one-to-one financial guidance and accountability.

The research showed that 61% have not heard of financial coaching and few employers offer it.

That’s despite financial coaching being hugely beneficial for those who use it, according to 92% of respondents, while others benefited beyond solving financial problems. Half, 50%, reported increased confidence with money, while more than two fifths, 43%, said it sharpened their money management skills.

There are also wider positive impacts of financial coaching, according to the report, with 25% saying they feel more positive about the future, and 19% reporting improved mental health.

Demand is increasing, especially among younger workers. Nearly a quarter, 23%, of 18–24-year-olds have already used a financial coaching service, according to the study, followed by 19% of those aged 25–34. In contrast, just 5% of workers aged 55+ have engaged with it.

Jeanette Makings, head of workplace wellbeing service, TrinityBridge said: “More needs to be done to promote the benefits of financial coaching among employers and employees alike, in particular to capitalise on increasing interest from younger generations; early intervention at this stage of life can make a meaningful difference to long-term financial outcomes.”

Close Brothers Asset Management was renamed TrinityBridge in March after former parent Close Brothers Group sold the firm to private equity firm Oaktree Capital Management for £200m.

The sale of Close Brothers Asset Management (CBAM) to private equity firm Oaktree was first announced last September.

TrinityBridge operates from offices in London, Birmingham, Bristol, Cheltenham, Chester, Chichester, Dorset, Edinburgh, Gatwick, Glasgow, Guernsey, Manchester, Newcastle, Northwich and Winchester.

Oaktree has $202bn (£160bn) in assets under management as of the end of December 2024 and has more than 1,200 employees and offices in 23 cities worldwide.