Financial worries are rife among UK employees, with 30% admitting this is their greatest concern. However, most employers believe that workers are more worried about work-life balance (44%) or workload (33%), according to research by financial wellbeing provider Neyber.
The DNA of Financial Wellbeing, Book One, published by Neyber in July 2018, canvassed the views of 10,000 UK employees and 580 employers. It also found that only 50% of employees believe that their organisation cares about their financial health.
The research also revealed:
- 62% of employees feel that their employer cares about their mental health.
- Below financial concerns, physical health is the second biggest worry among employees, at 25%.
- For workers over 65, physical health becomes more significant, at 38%, although 15% are still worried about money.
- 66% of female employees surveyed were affected by financial worries in 2018, compared with 58% of male employees.
- 45% of employees feel that financial pressures affect their job performance, compared with 69% of employers that believe this.
- 13% of employers believe that employees would turn to their manager for support with money worries, but only 5% of employees said they would do so.
Heidi Allan, head of employee wellbeing at Neyber, said: “Our physical, mental and financial health are all interlinked. If employees feel less confident in their finances, this has a knock-on effect on other areas of their lives.
“This year’s findings show areas of positivity and deep concern for employers. For instance, we asked employees whether they feel that their employers care about certain aspects of their wellbeing. Career and personal development, later life or retirement provision and overall wellbeing all scored highly by employees. Yet, when it comes to financial health, only 50% said their company cares.
Jonathan Hollow, head of financial capability, strategy and innovation at Money Advice Service, said: “Currently about 28.7 million working age adults in the UK are not satisfied with their finances. No wonder, [because] we live lives of ever-increasing financial complexity. We must deal with busy lives and the complexities of major financial decisions, as well as key life events such as bereavement, buying a home or nearing retirement.
“Every employer should care about the findings in this report. A growing body of evidence shows that anxiety about finances leads to poorer mental, physical and social wellbeing, and that this affects attendance and performance at work. When your workforce suffers, your business can suffer too.”