Research shows that over 70% of employers believe their staff are distracted by financial issues at work
The study shows that employers believe that money worries may be distracting nearly three quarters (71%) of employees, while 43% of organisations believe that staff absence from work in the last 12 months is down to employees taking time off to deal with financial problems.Productivity takes a hit when employees have financial issues at home, according to new research from Jelf Employee Benefits.
Worryingly, nearly a third (27%) of employers believe that over half of their staff are only just managing financially.
Companies cited the cost of housing and property purchase as the main financial concerns facing their employees – with debt coming a close third for nearly a fifth (18%) of respondents.
Commenting on these findings, Steve Herbert of Jelf Employee Benefits says, “These findings really should act as a wake-up call for all UK employers. If the nation is going to flourish in a post-Brexit world, then it will be increasingly important that each and every employee is able to fully focus on their day-to-day work duties to help improve the UK’s poor productivity figures. It is, therefore, concerning that employers believe that money worries are actively distracting large slices of their workforce from this key objective.”
The research throws a light on to the huge importance – both to employer and employee – of workplace financial education and support.
Jonathan Watts-Lay, director, WEALTH at work, a leading provider of financial education, guidance and advice in the workplace comments: “It is not uncommon for employees to face financial worries at various stages of their life whether that is dealing with spiralling debt, concerns over retirement savings or simply making the monthly budget work.’
‘Many employees struggle to understand the various financial issues that may relate to them and often fail to realise the many financial benefits on offer in the workplace. Employers can play a powerful role in improving their employees’ financial wellbeing by providing them with the knowledge to make informed decisions through financial education.’
’There is a commercial cost to people having financial worries, or being unable to retire due to lack of savings, which is why increasingly employers are placing financial wellbeing on the benefits agenda.”
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