Four-fifths (80%) of employees believe stress related to financial wellbeing can impact performance in the workplace, according to research by YuLife in conjunction with YouGov.
The Employee health and wellbeing survey 5.0: Financial wellbeing and the impact on performance in the workplace, which surveyed 2,035 UK adults, also found that 80% of respondents are currently worried about their financial wellbeing, with 57% expecting their concerns to increase as the cost of living increases.
Around half (49%) of respondents said it is an employer’s responsibility to improve their financial wellbeing, beyond legal obligations. However, only a fifth (21%) said they would feel comfortable discussing financial stress with their employer.
A quarter (24%) of respondents, meanwhile, said their workplace does not clearly explain the financial support it can offer.
Supporting employees’ financial wellbeing can also help with retention and recruitment; three-fifths (61%) of respondents said that an organisation’s ability or willingness to support financial wellbeing would contribute to their decision to join or stay with an existing employer.
Sammy Rubin, chief executive officer (CEO) and founder of YuLife, said: “This survey demonstrates the clear link between financial wellbeing and productivity in the workplace bringing to light the need for essential assistance to look after financial stress.
“The almost-universal nature of money worries means that employers have a responsibility to support their employees’ financial wellbeing with additional benefits and insurance products as well as creating help and awareness to suit their financial needs.
“Employees increasingly believe that workplaces are responsible for improving financial wellbeing: it’s no longer considered a nice-to-have but an integral part of creating a healthy workspace.”