Personal financial worries cost businesses in terms of absenteeism, reduced engagement and loss in productivity and, as this research shows, the impact on the UK workplace is significant with an estimated 17.5 million lost working hours each year.
Our own research however shows that only 24% of UK employers who provide a wellbeing strategy include financial wellbeing. And the vast majority that do offer some support around financial wellbeing concentrate this only on debt management.
Financial wellbeing is not only about debt and is not just for those struggling at subsistence levels; we all have money worries at different times throughout our lives and so when looking at making a difference to the financial wellbeing of the workforce, all financial wellbeing factors need to be included.
There is an easy remedy to this; wellness comes from financial education, a targeted financial wellbeing programme with key focus and objectives and providing access to further one-to-one guidance and advice for employees that need extra help.
Money worries cost economy27 May 2016Financial stress is causing staff to take time off, resulting in the loss of around 17.5 million UK working hours each year, according to Neyber’s research into the impact of money worries on productivity. The alternative finance provider found that 67% of workers think their employer doesn’t care about their financial wellbeing, while only 3% said they would turn to their manager or the HR department for support with monetary issues. The DNA of Financial Wellbeing report, which polled 10,000 UK employees, showed that 70% of the workforce waste a fifth of their working hours worrying about money, costing the economy £120.7bn a year.