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Financial fragility impacting UK’s productivity

A new study titled ‘Working Well’ from the Social Market Foundation think-tank conducted in partnership with financial employee benefits provider Neyber, finds that one in eight workers (13%) report that money worries have affected their ability to concentrate at work.

The study shows low financial resilience is a significant cause of stress across the UK workforce.

Key findings:
Four in 10 workers (40%) say money worries have made them feel stressed over the last year
More than a quarter (27%) of workers are at the tipping point financially
A quarter (25%) say they have lost sleep over money worries
Nearly 50% of workers (48%) are not putting any money aside for anything more than regular bills.

The report’s author, Katie Evans, SMF Economist, says: “The UK’s workforce lacks financial resilience. It’s clearly affecting our ability to concentrate at work and blunting our productivity.

“This low financial resilience is a problem across industries – and it’s getting worse. The proportion of workers reporting that they face financial difficulties nearly doubled over the decade to 2013/14.

“These money worries have a clear impact on how people feel and behave as they go about their day-to-day lives and jobs.”