Physical and emotional ill health linked to financial stress for many employees
In last week’s Spring Budget, Chancellor Philip Hammond emphasised the UK productivity problem, and also highlighted the issue of personal debt that is haunting many people in the UK.
The two are perhaps more connected than Hammond may have made them in the Budget announcement, as new research from Wealth Wizards shows that over two thirds (70%) of British employees feel that their poor financial health impacts their physical health, emotional wellbeing and stress levels.
The study shows that over a third (36%) think their financial situation currently causes them even more stress than their physical health, while almost 40% describe their current monetary situation as ‘poor’.
With such stress hanging over workers both at home and at work, it is no surprise that the UK is still suffering from low productivity.
Phil Blows, Director, Wealth Wizards says: “It is important that employers acknowledge the connection between the physical wellbeing of their employees and financial stress. Processes need to be put in place to help them avoid falling into financial difficulty. While it’s great that many employers build in benefits and measures to make sure that their employees are healthy, it is also important that they acknowledge the evolving spectrum of wellbeing that affects their employees. They can do this by putting basic safeguards in place like giving access to financial advice and a well thought out pension scheme, in addition to more traditional employee benefits.”
All is not lost, however: while nearly two thirds (62%) of employees told Wealth Wizards that they are concerned that they will not have enough money when they retire, there is nonetheless an appetite for financial education.
Research from Chase de Vere shows that 72% of Millennials and 59% of Generation X want their employers to help with retirement planning – indicating that while employees are suffering from financial stress, they are actively seeking help with their savings.