- In a nationwide survey, 60% of respondents said that they had financial concerns that led to anxiety, stress and depression
- The highest risk group was found to be Millennials aged 25 to 34, of whom a fifth (21 percent) said they struggle ‘frequently’ with money concerns.
- The findings also reveal how poor employee well-being has negative implications for employers.
Money worries cause mental health problems for more than half of UK workers, a new study has found.
In a nationwide survey, three-fifths (60 percent) of respondents said they had financial concerns that caused them to struggle with anxiety, stress, and depression, demonstrating a strong link between financial health and mental health.
The most at-risk group were found to be millennials aged 25 to 34, of whom a fifth (21 percent) said they struggled ‘frequently’ with money concerns.
Money worries cause mental health problems for more than half of UK workers, a new study finds
The findings, released by UK-based professional services consulting company Barnett Waddingham, also show how poor employee well-being has negative implications for employers.
Two-fifths (39 percent) of employees said their mental health had declined as a result of their organization not supporting their well-being during COVID-19.
This resulted in 30 percent looking for a new job and a quarter being less productive at work—demonstrating the impact on productivity and retention.
Employees who were laid off in March 2020, and remained until mid-2021, were more likely to face money concerns affecting their mental health, reduced monthly wages and longer periods of job insecurity. faced.
Seven-tenths (70 percent) said so, compared to 55 percent of non-furlough employees, and nearly a quarter of employees (23 percent) said this had been the case ‘too often’.
The figure also rose for employees with disabilities, with seven-tenths (71 percent) saying they have financial concerns that cause them to struggle with anxiety, stress, and depression, and 30 percent saying this is the case ‘frequently’. ‘ Was. .
Poor financial health and mental health were shown to affect how employees approached spending or managing their money.
Women are more likely to be affected than men, with less than half (46 percent) of female respondents exposed to this association, compared to 36 percent of male participants.
Commenting on the study, which involved 2,001 participants, Barnett Waddingham Principal David Collington said: ‘The impact of financial concerns on our mental health and general well-being cannot be overstated.
Similarly, poor mental health can make it difficult to manage money effectively and feel in control of our financial future.
‘Since the pandemic, more workers have seen their incomes drop or their job changes that can put pressure on homes and families.’
Collington encourages Employers to prioritize the well-being of employees not only during periods of economic crisis, but ‘consistently and regularly’.
They concluded: ‘Employers have an extremely important role in supporting people’s mental and financial health, and in doing so, they are more likely to cultivate a healthier and happier workforce that works productively and in organizations. loyal to.
‘People should realize that they can seek support from their employer if they feel they are not in a good financial position, and this is causing anxiety or stress. Knowing just the benefits they are entitled to or the support measures available can be a good step on the path to creating more resilience.’