Financial wellbeing in the UK is important to individual satisfaction and organisational success. Research increasingly validates that financial stress is incredibly detrimental to people and that, far from financial stress being niche, it can affect a large proportion of the population.
How many people do you think are affected by money worries at work in the UK?
Further research from the Royal Society of Arts characterises 70% of the population as “chronically broke.”
And the effects of all this financial stress are considerable. If employees are financially stressed, they are:
- more likely to have poor social relationships with colleagues
- five times more likely to take time off to deal with personal issues
- 20% less focused and productive at work (according to the Dutch National Institute for Budgeting Advice)
Combine the proportion of UK workers impacted by financial stress with the significant negative effects of financial stress and you can begin to see the impact on organisational effectiveness, with just the costs of absenteeism and presenteeism related to poor financial wellbeing estimated at £1.56bn a year (PDF).
Our report, Why financial wellbeing belongs at work, goes into more detail on the impact of financial stress at work. Download it below.