Stress about finances is driving a wave of absenteeism in UK organisations, with men and managers hardest hit.
Research by financial wellbeing company Bippit found that 36% of UK employees have taken time off work due to money worries, yet 45% of HR professionals underestimate how many employees take time off due to this stress.
More than half (54%) of men reported taking time off for stress, compared to just 16% of women. Managers were 5.2 times more likely to take time off for financial reasons, compared to non-managers.
Single-income households were twice as likely to need time off compared to those in dual-income households, Bippit found.
Bippit’s research surveyed 2,000 employees in the UK and 500 senior HR professionals and is part of an umbrella research programme known as Dynamics in Financial Wellbeing.
Along with high levels of absence due to financial stress, it also uncovered a trend of financial presenteeism, where employees are at work, but are distracted or unfocused due to money worries.
Half of the employees surveyed said they were distracted at work for this reason, with men 1.5 times more likely than women to feel unfocused.
Managers were 1.9 times more likely to experience financial distraction compared to non-managers, and 58% of single-income household employees compared to 43% of dual-income.
Middle-income earners reported the highest levels of distraction at work.
Bippit’s CEO Sam Lathey said the findings suggested a clear disparity between HR’s perception of financial wellbeing and employees’ actual experiences. This means vulnerable cohorts may not be getting the support they need.
He said: “Financial wellbeing is a critical part of a healthy workplace, yet many employees are struggling without support.
“When HR underestimates the scale of these challenges, employees will struggle to access the support they need. We need to build environments where employees feel safe to ask for help, take time off when needed, and can access appropriate support.”
Andrew Berrie, head of corporate partnerships and leading workplace wellbeing at mental health charity, Mind, said it was important to take a “person-centred” approach.
“The link between money and mental health is well known. Poor mental health can make managing money more difficult and financial difficulties can make our mental health worse.
“The cause of financial concerns will vary within each workforce but could include things like debt, dealing with unexpected changes in life, or not being well enough to manage finances.
“Likewise, the impact this has on mental health will vary from person to person. Organisations need to understand the financial challenges their workforce might face and how to support them.”
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