Covid-19 affected finances of almost half of British staff

New research has revealed that almost half of British employees’ finances have been significantly impacted by the Covid-19 (Coronavirus) pandemic, with those aged 50 and over affected the most.

More than 1,000 Brits took part in the health service Cigna Europe’s Cigna 360 wellbeing survey, with the findings, which have been released during International Stress Awareness Week (1 – 5 November), revealing that 22% have sufficient money for retirement, with those aged 35-49 less prepared than any other age group, and 17% have enough savings for retirement plans.

The research also highlighted that 29% are unable to maintain their current standard of living, almost one-quarter (24%) are unable to pay their mortgage or housing, and 39% have no financial security if they are unable to work due to illness.

Additionally, there has been a shift in the number of young employees wanting financial coaching from their employer, as 45% of millennials are looking for support, yet only 15% of employers offer it.

Arjan Toor, CEO of Cigna Europe, commented that as the pandemic has significantly impacted household finances and will do for years to come, it is important that employers recognise the effect this type of stressor can have on a person’s whole health.

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Toor explained that if an employee is feeling financial pressure, it will ultimately impact their physical and mental health and lead to more chronic conditions.

“Employers need to provide more comprehensive wellbeing policies and holistic solutions, which include matters like the wellbeing of an individual’s family, their social wellbeing, their work wellbeing and their financial wellbeing. A proactive approach in coaching and support when managing these everyday stressors, could make a huge difference,” Toor said.