Six in 10 (61%) UK employees said they are more worried about the cost-of-living crisis compared to a year ago, according to new research by Health Shield.
The employee health benefits provider surveyed 564 employees in full or part-time work and found that only 11% of respondents are less worried about it, while 48% said it has impacted their ability to do their job.
Just above half said their living costs have increased compared to a year ago, with four in 10 worrying about money every day and 74% worrying about it at least once a week.
Those earning under £25,000 a year and those earning £25,000 to £40,000 a year are the most worried, at 69% and 68% respectively, compared to higher earners on £40,000 to £60,000 a year (55%) and £60,000 and above (54%).
Those earning more than £60,000 a year are most worried about how the ongoing crisis will impact their ability to do their job (57%), compared to those earning under £25,000 a year (54%), £25,000 to £40,000 (48%), and £40,000 to £60,000 (44%).
The main financial concerns are rising utility prices (58%), putting plans on hold (55%) and increasing food prices (50%). To combat this, 82% of employees have purchased cheaper food, 70% have used savings or credit cards and 61% have cancelled holidays.
Paul Shires, commercial director at Health Shield, said: “UK employees have been hit hard over the last few years by the twin blows of rising costs and falling disposable income. This level of constant worry about money and finances will cause additional physical and mental stress and is very likely to damage employees’ health and wellbeing.
“More than ever, it is up to responsible employers to step in, providing employees with access to a wide range of support to help alleviate the pressure and empower employees to address these issues. Creating an environment where employees feel comfortable to reach out for support when they need it is vital. The essential assistance offered through health cash plans can provide the perfect solution, creating a solid base from which to build an effective health and wellbeing strategy.”
