Employers unaware staff money worries are damaging performance


Money worries among employees are impacting work behaviours and potentially damaging business performance, according to new research from Neyber.

But a communication disconnect has left many employers unaware that there’s even a problem.

According to the research, 30% of the 10,000 UK employees surveyed cited financial worries as their biggest concern, and 35% have felt stressed because of it.

Other top worries for employees included health (25%) and retirement provision (24%).

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Financial worries were top of the mind for all age groups – until the age of 55, when they worried more about later life. A salary of at least £40,000 was when financial worries were no longer the biggest worry.

Worryingly, it was revealed that the strain of these money worries resulted in 33% feeling anxious, 26% losing sleep and one in five feeling depressed.

Both employers and employees are aware that these issues impact work behaviour, with 45% of employees and 69% of employers citing that financial pressure impacts job performance.

Three in five employees said that money worries change their behaviour.

The impact this has on business performance was quantified in a separate study from the Financial Advice Working Group, which found that financial stress costs the UK economy £121 billion and 18 million working hours in lost productivity each year.

Employers unaware

However, when the 580 employers were questioned a stark disconnect was found between them and their staff.

Employers believe that work-life balance is their employees’ biggest worry (44%), followed by workload (33%), which represents a huge contrast to the financial concerns that employees are actually plagued by.

This disconnect clearly runs deeper too, with only 50% of employees feeling like their firm cares about their financial health.

This is less than those who think their employer cares about their later life and retirement provision (66%), mental health (62%) or physical health (60%).

Jonathan Hollow, head of financial capability, strategy and innovation at the Money Advice Service, warned firms that when their workplace suffers, their business can suffer too.

He said: “Every employer should care about the findings in this report. A growing body of evidence shows that anxiety about finances leads to poor mental, physical and social wellbeing, and this affects attendance and performance at work.”

How do you think you do as an employer and manager? Take a look at these four traits that we think define a great manager.


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