You are here: Home - Saving & Banking - News -

Two thirds of workers say financial insecurity contributes to poor mental health

0
Written by: Paloma Kubiak
08/10/2018
Two-thirds of people say their mental health and wellbeing is affected by financial insecurity relating to job, economy and living cost concerns.

Employees are struggling to deal with the demands and insecurities of the workplace, with a quarter struggling to make ends meet and less than half are satisfied with their current financial situation.

In a survey of 4,000 people, two thirds said their mental health and wellbeing is affected by job security (66%), the state of the economy (65%) and the cost of living (77%).

The poll, carried out by Business in the Community and Mercer, also revealed that three-fifths of people suffered loss of sleep, stress, lack of concentration and tiredness.

For one in eight, they believe they could lose their job within the year.

In total, 56% of employees are reluctant to talk about money issues at work, though the survey revealed a quarter are likely to talk to their manager about mental health issues.

Just 17% of those polled said they believed their employer supports those with financial difficulties.

But on the flip side, 85% of managers said employee wellbeing was their responsibility, though 68% believed barriers exist to providing support for staff. Nearly seven in 10 line managers said they hadn’t received any training to deal with mental health issues in the workplace.

Louise Aston, wellbeing director, Business in the Community, said: “There is a two-way causal relationship between financial wellbeing and mental health, but very few employers support employees experiencing financial difficulties.

“There is huge financial pressure on employees, with stagnant wages and living costs which continue to rise, so employers have an important role in educating employees in financial literacy and signposting them to appropriate sources of professional support.

“Although there has been slow incremental improvement of overall mental health at work over the past three years, collective and urgent action by employers is needed to build momentum quickly, taking a ‘whole person’ approach to physical, mental, financial and social health and wellbeing.”

How employers can support financial wellbeing

The group said employers should disclose policies relating to pay advances, hardship loans, time off to sort financial issues, travel loans, access to employee assistance plans and money counselling, for instance.

It’s also an idea to make available salary deducted savings to help employers create a financial buffer, offering salary-deducted lower cost loans.

Workers should also be signposted to organisations that offer free help and guidance on money issues such as Money Advice Service, The Pensions Advisory Service and Step Change

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Stock of the week: Compass

Graham Spooner, investment research analyst at The Share Centre, picks the world's largest contract caterer, Compass, as stock of the...

Close