The findings of a new study uncovered the extent to which financial wellbeing can negatively impact work performance
According to a survey published by YouGov and YuLife, 80% of UK employees believe that stress around their financial wellbeing can negatively impact their performance at work – with the figure rising to 88% among those who live in households with children. And, yet, 66% of workers also reported that they would feel uncomfortable opening up to their employer about their situation.
The survey comes at a time when many people are feeling the financial strain as a result of the rises in the cost of living, and with money and mental health invariably interlinked – with a Mind survey of more than 1,000 people finding that 73% reported that when their mental health is poor, they struggle more to manage their money, and 74% also said that difficulty managing money then went on to affect their mental health – it’s an issue we can expect to see more of over the coming months.
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It’s easy to see how stress and anxiety can affect our performance at work, which leads to the question, whose responsibility is it to improve employees’ sense of financial wellbeing? In the survey, almost half of respondents agreed that that responsibility lay with the workplace, calling on them to do more than just fulfil legal obligations such as benefits and pension contributions. Beyond that, 61% shared that a workplace’s ability or willingness to support their financial wellbeing contributes to their decision on whether to stay or find a new role elsewhere – with only 7% saying that this isn’t a factor in their decision.
“This survey demonstrates the clear link between financial wellbeing and productivity in the workplace bringing to light the need for essential assistance to look after financial stress,” said Sammy Rubin, CEO and Founder, YuLife. “The almost-universal nature of money worries means that employers have a responsibility to support their employees' financial wellbeing with additional benefits and insurance products as well as creating help and awareness to suit their financial needs. Employees increasingly believe that workplaces are responsible for improving financial wellbeing – it’s no longer considered a nice-to-have but an integral part of creating a healthy workspace.”
Money issues can often feel very isolating, and they can be difficult to talk about, even with those who are close to you. But help is available, and there are a number of support avenues you can go down to find it.
Need to talk? Connect with a counsellor using counselling-directory.org.uk