Nearly all employees say financial stress impacts their work

As rising costs continue to squeeze household budgets, financial anxiety is significantly affecting how people perform at work, research has found.

Almost all workers (92%) have faced financial stress in the past year, with 89% reporting that it has had a direct impact on their work, according to a survey of 2,500 employees and 500 business leaders in the UK and Ireland.

Almost half said they found it harder to focus or concentrate at work, while a quarter said money difficulties reduced their productivity. Among business leaders, 38% admitted financial strain had made it more difficult to communicate effectively with their teams.

More than 11 million working-age people in the UK have less than £1,000 in savings, according to the Resolution Foundation and more than three quarters of employees said they contributed more to their employer when they felt financially secure. This figure rose to 83% among younger workers.

If you have a concern that your pay scales are lower than the market, why not consider benchmarking? 121 HR Solutions can provide a broad range of benchmarking services to support businesses to be competitive with compensation and benefits. Contact us on 0800 9995121.

Nearly all employees say financial stress impacts their work

121 HR Solutions Ltd