The Employer’s Guide to Financial Wellbeing 2018-19 is a comprehensive survey of over 10,000 UK employees to better understand how personal money matters affect their day-to-day lives and performance at work.
The research has revealed eye-opening insights about financial wellbeing in the workplace:
40% of respondents have financial worries
These employees are 8.8 times more likely to have sleepless nights, 7.6 times more likely not to finish their daily tasks, and 5.7 times more likely to have troubled relationships with work colleagues.
Poor financial wellbeing costs the UK employers between £39-51 billion per annum
When applied to the 32.4 million UK employees earning an average of £27,040 pa. this is 1.9 to 2.4% of GDP annually, and half of the total government spend on education at all levels.
Money worries are the primary cause of this stress, whether you’re rich or poor
We found finances are a greater cause of stress than health, relationships, or career. This trend was consistent across all age groups and salary bands.
It is not the amount of money that you earn but what you do with it that is the cause of worry
The two groups that have the highest rate of financial worries are those earning £10,000 – £14,999 pa (perhaps not surprising), but also those who earn more than £100,000 pa. The percentage stating that they had financial worries in both of these groups is 49% vs the national average of 40%. More alarmingly, those earning more than £100,000 pa are more likely to suffer from panic attacks and depression than any other income group. The solution to financial wellbeing is clearly not high pay.
The 16-34 age group is the most stressed out
The pressure of rising house prices, rent, changes to tuition fees is clearly taking a toll on the wellbeing of young working adults.
You can find out more about The Employer’s Guide to Financial Wellbeing and download your copy at www.salaryfinance.com/uk/financial-wellbeing-guide