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StressMental health conditionsWellbeing

Staff contradict employers to state finance is biggest concern

by Ashleigh Webber 3 Aug 2018
by Ashleigh Webber 3 Aug 2018

Financial wellbeing is employees’ biggest overall concern, research has found – although their employers suggest other issues, such as work-life balance and workloads, are causing staff greater distress.

According to a survey of 1,000 employees by financial education service Neyber, two of the three top employee concerns related financial wellbeing: 30% were worried about their current finances, 25% were worried about their physical health and 24% were concerned about later life and retirement provision.

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However, when 508 employers were asked about what they thought their staff were worried about, 44% felt work-life balance and 33% thought workloads were employees’ prime concern – showing a strong disconnect between organisations’ observations about staff worries and the reality, Neyber said.

Staff were reluctant to seek help from their employer about their financial wellbeing; only one in 20 workers said they would turn to a manager for help and only 3% would approach HR.

Neyber’s report – The DNA of financial wellbeing – suggested that involving a partner or family member in workplace financial wellbeing schemes could help combine the personal support employees want with professional help. Forty-four per cent of workers said they would speak to a partner about their concerns and 36% would seek support from a family member.

Heidi Allan, head of employee wellbeing at Neyber, said: “With the magnitude of this issue, it’s clear that employers have a vested interest in helping employees manage their money, so each can feel more educated and in control.

“From my view, there are three key issues: financial stress has a significant impact on productivity and behaviour at work. There is a link between physical, mental and financial health; and billions of pounds are lost each year in absence and employee turnover.”

The report found that financial worries affected every age group in different ways. Thirty-five per cent of 18-24 year olds and 36% of 25-34 year olds were worried about current funds, while 35% of those aged 55-64 were most concerned about later life savings.

Money worries had an impact on physical and mental health. Thirty-five per cent said their finances made them feel stressed, 33% felt anxious, 26% lost sleep, 20% felt depressed and 6% took time off work as a result of financial concerns.

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Forty-five per cent said financial worries affected their ability to do their job. Employers also noticed the changes, with 69% suggesting that employees’ job performance declined when they were under pressure.

The report said it was in employers’ own interests to help staff who were struggling financially: “Both businesses and their employees know that job performance suffers when someone is worried about money, as does their behaviour. Helping individuals to build a financial safety net and establish good savings habits puts them more in control of their finances, reduces worry and enables them to build resilience.”

Ashleigh Webber

Ashleigh is a former editor of OHW+ and former HR and wellbeing editor at Personnel Today. Ashleigh's areas of interest include employee health and wellbeing, equality and inclusion and skills development. She has hosted many webinars for Personnel Today, on topics including employee retention, financial wellbeing and menopause support.

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Top law firm points to lack of clarity over including partners in gender pay sums
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