More than a fifth (22%) of employees worry about money every day, according to research by financial wellbeing organisation Bippit.
Its report, The stigma edition 2023, which surveyed 5,000 UK employees and 660 senior HR professionals, also found that more than a third (36%) of employees do not like talking to their employer about financial concerns. This rises to 61% among those that worry about money on a daily basis.
More than half (58%) of those experiencing money worries do not reach out to their employer, which rises to 80% among those that worry about money each day. In addition, 17% of employee respondents strongly disagree that they would be comfortable sharing money worries at work. This increases to 35% among those that are concerned about their finances daily.
Nearly a fifth (17%) of respondents who worry about money on a daily basis say there is not anybody they would feel most comfortable speaking to about their financial concerns, compared to 8% across all employee respondents.
Sam Lathey, chief executive officer (CEO) of Bippit, said: “To succeed at financial wellbeing, employers have to understand the needs of different cohorts in the workplace, and respond appropriately to each. Those that worry daily about their finances are, across many factors, disproportionately affected by the stigma around this issue. This means that employers looking to tackle financial stress in their organisation need to ensure that there are safe spaces to have conversations about financial wellbeing.”
Ben Harrison, director of the Work Foundation at Lancaster University, added: “Work Foundation research has found that stigma relating to financial wellbeing can often prevent employees from seeking wider information or support from their employer. Overcoming this will require employers to lead a culture change within their organisations, encouraging open conversations about financial wellbeing, proactively highlighting available information regarding financial support, debt management and welfare benefits, and offering peer to peer and anonymised forms of engagement.”