Financial troubles

Businesses Urged To Do More To Support Staff Financial Well-Being

Businesses Urged To Do More To Support Staff Financial Well-Being

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. ... »

42% of Small Businesses in Financial Difficulty

Small firms still struggle with start-up costs with 52% admitting they may not be able to recover New research has revealed 42% of small businesses are having financial problems with only 33% stating their company is “going from strength to strength”. The study, which was conducted with 732 small and mid-sized firms, revealed the main cause for financial concerns was attributed to overspending during start-up years (52%), followed by renting or buying expensive property (48%), over hiring (39%), inefficient pricing (38%) and lack of business (33%). The research demonstrates that small and medium sized firms need to ensure they plan ahead with the majority of financial difficulties coming from entrepreneurs failing to forecast expenditure. In addition, whilst 25% of participants who indicat... »