60% of employees say financial concerns led to anxiety

New data has found that three-fifths (60%) of employees have had financial concerns that has resulted in anxiety, stress and depression.

Barnett Waddingham surveyed 2,001 UK employees about the future of work and employee wellbeing in the UK, and revealed that the generation most likely to see their mental health suffer due to monetary worries is millennials aged 25-34, at 21%.

Two-fifths of respondents (39%) said that their mental health declined as a result of their wellbeing not being supported during Covid-19 (Coronavirus), while 30% searched for a new job and 25% worked less productively. Almost three-quarters (70%) of furloughed employees said they had money worries that have impacted their mental health, having faced a reduction in monthly salary compared to 55% of non-furloughed staff.

Regarding disabled workers, 71% admitted that they have had financial issues that cause them to struggle from anxiety, stress and depression and 30% answered that this is something they struggle with very often.

Just under half (46%) of women are more likely to believe that financial worries have caused anxiety compared to 36% of men, and 48% of 18-34-year-olds are likely to feel the effects of mental illness on their personal finance compared to 19% of those aged over 65.

David Collington, principal at Barnett Waddingham, believes that it is “important” for employers to be prioritising employee wellbeing consistently and regularly, and that they have a “hugely significant” role to play in supporting mental and financial health.

“In doing so, they are much more likely to cultivate a healthy and happy workforce that works productively and is loyal to the organisation. People should feel that they can seek support from their employer if they feel they’re not in good financial shape, and it’s causing worry or stress. Simply knowing the benefits that they’re entitled to or the support measures available can be a good step on the path to building greater resilience,” he said.