The vast majority of UK employees are suffering from money worries (94%), with more than three quarters (77%) of employees saying that money worries impact them at work, according to new research from Close Brothers. This means that around 25 million are affected by money worries while at work. Additionally, two in five (40%) employees worry about their finances always or often.
More than a third (34%) of employees said they are unprepared for unexpected financial costs or a decrease in income. Other research has found that as many as 6 in 10 are not ready for unexpected costs.
Jeanette Makings, head of financial education at Close Brothers said: “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.”
What was the research?
Opinium carried out the research on behalf of Close Brothers Asset Management, surveying 1,003 employers with 200 or more employees, and 5,003 employees from companies with 200 or more employees.