Money: the biggest worry on the minds of UK employees
New research by our partner Wagestream in The State of Financial Wellbeing: The Cost of Living Report 2022 has found that for 52% of employees, money is top of their concerns. This article explores how rising costs are significantly impacting your staff.
Worry is spiking – and mental health is suffering
The report found that 70% of employees are now worrying more about money. That number is likely to be far higher now that summer is over and a recession is upon us. For an organisation that employs 1000 people, that can mean over 7,440 days of worry every single month across your organisation.
For 76% of people who have been worrying more about money in recent months, their mental health has declined as a result. Stress has been experienced by close to half (44%) of those who had experienced money worries, 35% had trouble sleeping and 20% have lost some of their self-confidence.
Increased worry is isolating and can threaten team culture
Over three-quarters (76%) of employees who have suffered issues like stress and worsening mental health in the last few months due to rising costs have not approached their employer for support, despite over half (52%) saying they do want their employer to provide more support with money in coming months.
Many employees are afraid to speak to their boss, peers or colleagues about money worries because of pride, shame or damaging societal conditioning that has taught many of them that it’s simply not appropriate to bring it up.
This means that the cost-of-living crisis is causing people to pile additional pressure on themselves by trying to hide their financial stress when at work. Emotional exhaustion, preoccupation and over-reacting to issues at work when the issue is actually money worry can reduce productivity and performance in the workplace.
Worried about financial wellbeing at your organisation?
Christian Berenger, Director of Growth at TEAM Software by Workwave says ’” Employee engagement can only occur when employees are supported, both in times of stability and instability. The past few years have increased stressors facing essential distributed workforces. By addressing key worries, like those caused by financial stress, employers are far more likely to experience an engaged workforce across their contracts.”
TEAM Software partners with Wagestream to make it easier for employers to implement financial wellbeing support – by making it easy for them to switch on its award-winning financial wellbeing platform that offers fairer, more flexible financial tools and services built around pay.
For more information about the key issues affecting your staff during the cost-of-living crisis and the critical need to provide support, read the full report here.