Businesses Urged To Do More To Support Staff Financial Well-Being
25% of Brits say their financial situation is so bad it affects their ability to work, with this figure rising to 31% among 18-24 year olds
UK business owners are being urged to make more efforts to support staff financially, as a report from CIPD and Close Brothers Asset Management has revealed the full extent of employee money woes.
The survey of 1,817 British adults reports that 25% of respondents have a financial situation so bad that it affects their ability to work, with this figure rising to 31% among 18-24 year olds and 32% for those living in London.
Surprisingly, such financial stress isn’t exclusive to low-income earners with 20% of employees earning between £45,000 and £59,999 admitting such anxiety has also impacted on their performance in work.
When divided by gender, women are more likely than men to report money worries with 28% of females signalling they have such a problem, compared to just 23% of all males.
When quizzed about what could be done to support their financial well-being, employees believe money to be both the cause and solution, as an increased salary was the top answer provided.
Being rewarded in a fair and consistent manner (41%), being able to save for the future through a pension (26%), and being able to develop and progress in their career (20%) were the other highest rated suggestions.
Charles Cotton, reward and performance adviser at the CIPD, said:
“This report shines a light on how financial well-being can impact not just employee health, but also workplace productivity. Money worries affect people regardless of their age, gender or level of pay.
“Employers not only have a duty of care to their employees but will also see their bottom lines benefit if they invest time in developing a financial well-being strategy and play an active role in supporting staff in this area. Today’s businesses need to consider the impact financial worries are having on employee health, happiness and productivity and look at what they can do to help reduce stress levels.”