Share plans can be an unexpected diversity tool — but only if we get serious about the why

I was recently invited to a roundtable discussion, ‘Are share plans an unexpected diversity tool, hosted by Howells and led by Simon Fanshawe from DiversitybyDesign. The roundtable began with a simple but powerful question: what is the cost of non-participation? From that starting point, the conversation quickly opened up into something far more important, who isn’t engaging with share plans, why that might be, and what organisations could be missing as a result.

While the data might show low take-up, it doesn’t always explain the human story behind it, whether it’s unclear communication, cultural factors, or simply people not feeling confident enough to take part. For me, this topic felt personal from the very start.

My own introduction to investing came through a workplace share scheme. At the same time, I experienced a loss in my family, and in the aftermath we discovered that my aunt had quietly built wealth through bonds, ETFs and property. That was my lightbulb moment, realising that wealth isn’t just what you earn, it’s what you build and retain over time.

What struck me just as powerfully, though, was how little we talk about money. Especially in Black and minority communities. A lot of us are first-generation earners navigating this space for the very first time, without guidance, without a roadmap. We’re not just learning how to invest,  we’re learning the language, the systems, everything from scratch.

There are two barriers I see consistently when it comes to minority employees and financial participation. The first is language. Financial terminology can feel completely foreign if you’ve never had exposure to it. The second is responsibility. Things like Black tax, the obligation many people in Black communities feel to financially support their wider family, mean people are balancing real pressures while also trying to build their own future. That combination can make investing feel inaccessible, even intimidating.

And then there’s the embarrassment of not knowing. People think: “I should already understand this.” That thought alone stops them from engaging. What became clear in the room is that sometimes people aren’t choosing not to participate, they just don’t feel equipped to. And that’s an entirely different problem requiring an entirely different response.

Creating spaces where people can say “break this down for me”, without judgement, is enormously powerful. The “explain it like I’m five” principle sounds simple, but it’s transformative in practice. Strip out the jargon. Remove the assumptions. Make it human.

This is also where diversity communities within the workplace have a real role to play. Networks and affinity groups shouldn’t just be spaces for representation and visibility, they can be platforms for real, lived-experience conversations about money. Not in a forced or formal way, but in a way that’s relatable and grounded. We created a video around financial literacy in the Black community, and it resonated precisely because it was real. People saw themselves in it.

For many people, a workplace share scheme is the first time they have ever owned any kind of financial asset. That matters enormously. It creates a starting point — especially for those who might never have invested otherwise. It shifts the mindset from earning to retaining. You might be earning well, but if everything is going out, you’re not building long-term security. Share plans can introduce that longer-term way of thinking in a way that feels safe and supported.

I always acknowledge Black tax — it’s real, and it would be wrong to dismiss it. But I also encourage people to think about what they’re doing for themselves alongside those responsibilities. It’s not an either/or. It’s about finding balance, and about understanding that investing in yourself isn’t selfish — it’s foundational.

For many people, this is also bigger than them individually. They are the first in their family to invest, which means they are laying the foundation for the next generation. That’s how generational wealth begins — through exposure, through conversation, through someone deciding to start.

From an organisational perspective, the opportunity here is significant. Bringing in people who have never engaged with investing before means new participation and new capital. But more importantly, it means building a more empowered, engaged workforce. And if some groups are consistently not engaging, the risk isn’t just lower participation rates — it’s losing talent, limiting progression, and missing the chance to build a workforce that is truly inclusive at every level.

The discussion generated a lot of interest in how share plan data could give organisations a far richer understanding of inclusion, engagement and belonging, and help shape more effective strategies and communications as a result.

Key takeaways

What organisations need to ask

→  What is the real commercial cost of disengagement and higher turnover?

To find out more do reach out to renee.sinamtwa@lawdeb.com