Over half (57%) of employee respondents in the retail sector admit that financial pressures affect their ability to perform their job successfully, according to research by Neyber.
Its The DNA of financial wellbeing report, which surveyed 1,178 UK employees working in the retail sector, also found that 74% of respondents are affected by financial worries.
The research also found:
- 84% of respondents below the age of 34 are affected by financial concerns.
- 51% of respondents between the ages of 25 and 34 have less than one month’s savings.
- 67% of respondents between the ages of 25 and 34 have borrowed money in the last year to meet basic financial needs.
- 43% of 25-34 year old respondents use a credit card for borrowing money.
Monica Kalia, co-founder and chief strategy officer at Neyber, said: “Workers in the retail sector have been some of the hardest hit by cuts to employee benefits in recent months as employers look to recoup the cost of introducing the national living wage.
“While the move to increase incomes for those on the lowest wage should be welcomed, it’s been a significant burden for a number of retail [organisations] to swallow. However, cutting access to benefits for hardworking staff is not fair, and employers need to ensure they nurture the financial wellbeing of their employees to develop a more motivated and better-performing workforce.”