Over two thirds (70%) of employees who work in the health and care sectors have admitted to being affected by financial worries, according to research by Neyber.
The 2016 DNA of financial wellbeing report, which surveyed 1,000 health and care service staff, also showed a 20% reduction in productivity, leading to a £3.79 billion a year cost in lost payroll and 820,000 hours lost per year as employees take time off work due to financial stress.
The research also found:
- 91% of respondents who earn between £30,000 and £39,000 feel that they are affected by financial worries.
- 52% of respondents believe that being under financial pressure affects their behaviour at work, with this figure rising to 62% for those based in London.
- 53% of respondents feel financial stress affects their ability to do their job, although this number increases to 71% for those aged between 18 and 24.
Monica Kalia, chief strategy officer and co-founder at Neyber, said: “This research demonstrates the depth of the personal financial crisis that is being experienced by working people across the UK.
“Financial stress of this scale cannot be ignored and should not be underestimated; as it is impairing our national economic growth and the ability of people in the health sector to focus on their vital work. We need to act now to address the punitive credit costs that are driving so many health [staff] into unnecessary debt.”
