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Almost 1 in 10 Brits takes time off sick due to money worries
Financial anxiety is taking its toll on the British workforce as almost one in 10 8 per cent adults admits worrying about money has caused them to take a sick day. Five per cent say they’ve been absent more than once because of it, according to research published today.
The research conducted by YouGov for financial education resource, Money in Mind www.MoneyinMind.com, also found that just 18pc of adults in Great Britain are very confident that they have the knowledge required to create and maintain a sound financial plan for themselves and their dependants.
Financial pressures appear to be felt most strongly by larger families. Almost one in five 19pc of adults with three or more children in the household, has been absent from work over money worries.
Confidence in the ability to manage finances also falls; almost half 44pc said they are not confident they can create and maintain a sound financial plan for themselves and their dependents. Only 9pc said they felt very confident they could do it.
The Welsh are the most self-assured of their financial abilities; a quarter 25pc said they felt very confident in their financial abilities, compared to just 12pc of Scots.
Overall, almost a third of survey respondents who have ever worked 29pc said access to money management guidance from their employer would help them to feel more effective and more engaged at work. This figure increases to 41pc for individuals aged 25 to 34.
"Employers now have a clear interest in helping staff to understand how to make the most of what they've got. Any reasonable employer knows that an anxious, tired and distracted workforce is unlikely to perform at its best," said Martin Osborne-Shaw, Director of Money in Mind and Managing Director of Killik Employee Services.
"Employees are currently telling organisations that they both need and want help with managing their money in a world where inflation-busting pay rises, regular promotions and fixed retirement ages are a thing of the past."
According to additional research amongst HR Directors, conducted by Money in Mind in conjunction with HR Magazine, two-thirds of organisations are already aware of the impact financial worries have on employee performance, yet only 16pc of organisations currently offer financial support.
However it is encouraging that a further 19pc have plans in place to introduce support for their staff and 57pc would consider introducing support in future.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2011-09-14 17:33:50 © Moneyextra.com