New research has found that 77 per cent of employees have revealed that stresses about money have impacted them at work.
Do you often feel concerned about your cashflow? You’re not alone, as the vast majority of UK employees (94 per cent) are suffering from money worries.
According to new research from Close Brothers, 77 per cent of employees have revealed that stresses about money have impacted them at work, while two in five report that they worry about their finances always and often.
The inaugural Close Brothers’ Financial Well-being Index assesses the financial wellbeing of UK employees across the seven key areas of financial health and reveals the average score for UK employees stands at just 53.6 out of 100.
“Financial well-being is incredibly personal and affects each of us differently; not only because of our financial circumstances but also because of our attitude to both money and stress.”
“Money worries don’t just affect an individual’s financial health; they are one of the single biggest causes of stress, impacting mental and physical health if left unchecked. They are also an issue for businesses with lower productivity, higher absenteeism and higher staff costs which hurts business performance. Doing nothing is no longer an option,” said Jeanette Makings, head of financial education at Close Brothers.
“Employers are perfectly placed to play a significant role in making a difference to the UK’s financial health. Their reward and benefits help fund employees’ lifestyles; employers can reach large numbers of people with communications that are trusted; and employers can procure benefits and financial education, advice and investment solutions to help their employees improve their financial well-being. Yet despite the growing awareness of the need for workplace financial well-being, organisations seem to be struggling to find clarity, transparency, and meaningful measurement on this issue.”
The research discovered that over a third of people are unprepared for unexpected financial costs or a loss of income, with the majority concerned that they could lose their job.
Surprisingly, three quarters (76 per cent) of employees don’t know what tax allowances and reliefs are available to them or have some awareness, but are not sure if they are taking full advantage of them.
“Financial well-being is incredibly personal and affects each of us differently; not only because of our financial circumstances but also because of our attitude to both money and stress,” added Makings.
“For the right outcome, providing education and advice to address all seven areas of financial health and for all employee groups will deliver tangible results for both individuals and businesses alike.”