This Debt Awareness Week (24th – 30th March), WEALTH at work – a leading financial wellbeing, retirement and workplace savings specialist, are encouraging employers to support employees to tackle money issues and build a saving safety net.
Almost a quarter of UK workers (23%) have had to borrow money from family and friends in the last year because of money worries, and almost a fifth have taken on debt (18%) – according to new research of over 2,000 workers by WEALTH at work. Over a quarter (28%) have worked more overtime, and more than one in ten workers (13%) have taken on an additional job.
Workers thought that their biggest financial concerns for the year included not having enough savings for unexpected costs (42%), not being able to save enough for the future (37%), not being able to pay basic living costs such as rent, mortgage payments, energy bills, food etc. (34%) and being in debt (29%).
The weight of this financial burden and debt anxiety has spilt into the workplace. Workers admit that money worries affect their performance at work by causing increased stress levels (40%), mental exhaustion (35%), decreased motivation (26%) and physical exhaustion (25%). More than a fifth (22%) admitted that it led to reduced focus and concentration, and one in ten (10%) say it has led to increased sick days.
Whilst 61% of workers say they feel supported and 40% say they are comfortable discussing money worries or debt-related issues with their employer, only 13% would actually do so. Those age 55+ are the age group least likely to seek help from their employer, with only 5% saying they would.