New research from WEALTH at work[1] has revealed that many full-time workers admit that money worries are impacting their work, with 23% struggling to concentrate and 15% saying their productivity has decreased. 16% have also incurred debts for the first time in their professional lives this year (excluding mortgage debt).
Furthermore, homelife is being impacted too as financial concerns in the last year have made many lose sleep (28%), feel embarrassed (26%), argue with family and friends (18%), and even reduced 18% of workers to tears.
This comes as research from The Reward & Employee Benefits Association (REBA), in association with WEALTH at work[2], found that workplaces are increasingly recognising poor financial literacy as a key financial wellbeing risk (63% compared to 58% in 2022).
The report which surveyed almost 200 companies representing over 1.5 million employees found that employers expect financial pressures to continue, such as high childcare costs (64%), rental costs (66%), high consumer inflation (75%), and energy prices (77%), and that these factors are a risk to the financial wellbeing of their staff.
However, when it comes to getting help to understand their finances, 41% of employees don’t feel supported by their workplace.