Two-fifths (39%) of employees say financial stress impacts their productivity at work, according to research by workplace financial provider Stream.
Its survey of 4,000 employees across the UK and United States (US) also found that 59% of respondents said financial stress impacts their energy and enthusiasm for their work, with UK respondents spending 2.24 hours each month dealing with personal finance issues at work.
Financial worries are also a cause of employee absence. In the past year, 83% of UK respondents said they had taken at least one day off due to stress, anxiety or illness linked to financial concerns, 61% took four or more days off as a result and 12% took between 11 and 20 days.
However, just 43% said they would only disclose money worries to their employer if these forced them to call in sick.
To help them manage their finances better, just under half (49%) would like better budgeting tools, 38% would value more predictable income and 37% want the option to save directly from pay. In addition, 26% would value traditional financial education and 19% want to speak to a financial adviser.
Just under half (47%) of respondents said they would leave their employer for a role that offers better financial benefits.
When respondents report feeling more in control of their finances, 37% said this results in them feeling less stressed and having better mental health, while 34% said they are more focused at work.
Peter Briffett, co-founder and chief executive officer (CEO) of Stream, said: “The UK is a nation under severe financial stress, with households facing increasing pressure to make their money work harder. But the impact of this doesn’t just live at home. It’s astonishing to see that money worries are causing people to take time off work or spend millions of hours a month worrying about their personal finances while at work. The impact of an absent workforce on productivity is impossible to ignore and is now having national economic ramifications.
“When people feel more positive about their money, they’re more focused, more engaged and able to perform better at work. Employers have a critical role to play in reducing financial stress, by launching workplace finance tools to help track earnings, save and plan for their futures. Supporting financial wellbeing isn’t just good for employees, it directly affects productivity, engagement and retention in UK workplaces.”
