Euphoria Living joins forces with The Money and Pensions Service.
Whilst 90% of employers agree financial worries harm workplace performance and are willing to do more to help their employees, they need guidance on what they can do.
1 in 4 workers have lost sleep over money worries
59% of employees say current financial worries prevent them performing their best
18 million working hours are lost to financial stress in the UK every year
Almost 8 in 10 UK employees take their money worries to work, affecting their performance.
Money worries are the biggest cause of stress for employees in the UK. Anxiety about finances affects mental physical and social wellbeing. They are damaging to business too, often resulting in staff sickness. The case for financial wellbeing at work is compelling.
Facts and challenges
11% of your workforce are finding it hard to make ends meet
5% of employees have been absent from work because of financial worries
4% is added to payroll costs because of absenteeism caused by financial distress
8% of employees have spent time during the work day dealing with money worries
89% of employers agree financial concerns have an impact on staff performance
46% of employees say financial pressure affects relationship with their manager
One in five employees think their financial situation affects their work.
What are the benefits of financial capability for employers?
Low financial capability is a problem across all industries and UK adults believe their financial situation will get worse in the future, due to low wage growth and rising living costs, according to the Chartered Institute for Personnel and Development.
Money worries have a clear impact of how people feel and behave, both in their day-to-day lives and at work. So, when your workforce suffers, your business can also suffer.
In fact, discretionary effort at work is five times lower for those with low financial wellbeing and for those unhappy with employer’s efforts to help them manage finances.
There is also a problem with staff retention, with more than a third of employees would move to a rival company putting financial wellbeing as a priority.
This is one area where every employers, both large and small, could have a positive impact on reducing stress and improving productivity.
Why It matters in the workplace?
Money worries are the biggest cause of stress for uk employees. 4.2 Million worker days each year are lost in absences because of a lack of financial wellbeing. That’s the equivalent of £626 million in lost output.
Nearly 7 in 10 UK employers believe staff performance is negatively affected when employees are under financial pressure.
23 million working-age adults do not feel confident planning their financial future.
Don't allow financial wellbeing to be your poor relation, when it comes to your next wellbeing strategy.
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take their money worries to work, affecting their performance
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