One in five (16%) UK employees are currently worried about their everyday finances (June/July 2020) compared to 28% in April 2020, according to research by Nudge.
Its survey of 300,000 employees also found that the percentage of employees worrying about financial budgeting has also decreased, falling from 30% to 14% in the same time period.
The proportion of respondents that are concerned about their savings has decreased from 25% to 12%. However, employees who cited financial issues relating to the home has increased from 2% to 6%, while 5% of employees are worried about their investment plans.
Prior to lockdown in March 2020, respondents cited their top five financial worries were; savings (16%), tax (16%), investing (9%), mortgages (9%) and pensions (6%). However, the shift in concerns has shown the true financial impact that the Covid-19 (Coronavirus) pandemic has brought on UK employees.
Jeremy Beament, co-founder and director at Nudge, said: “For months, UK employees have been dealing with the financial shockwaves caused by the pandemic. With pay cuts and redundancies on the rise, it looks like this may get worse before it gets better, and this financial stress will hit business productivity significantly.
“This data demonstrates exactly how the financial lives of employees are being impacted by Coronavirus, and why their needs are evolving. As we emerge out of the clutches of the pandemic, it is vital that employers take steps to help their workforce take control of their money during this uncertain period. Only by giving employees the lifelong skills and knowledge necessary to make great decisions, can organisations feel the considerable benefits of a financially fit workforce.”