The cost for employers
Employees with money worries are more likely to have sleepless nights, not finish their daily tasks and to have troubled relationships with colleagues. The are also more likely to be looking for a new job.
We estimate the combined cost of lost productivity and higher staff turnover represents between 13 and 17% of an employer’s total salary bill.
Financial wellbeing and mental health
Our research found a strong correlation between financial worries and poor mental health.
People with money worries are 3.8 times more likely to suffer from anxiety and panic attacks and 4.9 times more likely to suffer from depression.
It’s not about pay
The two groups with the highest rate of financial stress are those with the lowest pay (not surprising) but also those with the highest.
It is not the amount of money that you earn but what you do with it that is the cause of worry.