Every year the UK workforce wastes 17.5M hours of work on financial stress. Neyber (a UK financial services provider) surveyed 10,000 UK employees and released some interesting information regarding their finances. 67% of the respondents believed that their employers do not care about their financial well-being. Over 5,000 employees even admitted that financial pressure has negatively affected their work performance and behaviour; 46% of the participants’ relationships with their line managers have unsurprisingly weakened. That’s probably why 97% of employees would refuse to turn to management to discuss any financial concerns. 7,500 employees, between the ages of 18 and 34, save for a certain purpose. Overall, 55% have set their savings targets but 33% are actively striving to reach it.
The truth is that awareness, financial education, and understanding are key factors for employers and policy makers to take action and tackle the emerging crisis regarding employees’ financial welfare.