Do employers care about their employees financial well-being?

A recent study has found that only one in three employees believes their employer cares about their financial wellness.

The report surveyed 10,000 employees throughout the UK, with 67% of the respondents saying they felt their financial well-being was not cared about by the company for whom they work.

The report revealed a number of other current traits. 55% of those surveyed said their behaviour and ability to perform at work have been impacted upon by financial pressure, and 70% said they wasted the equivalent of one day in every five at work worrying about their finances. However, only 3% said they would speak to their HR department or manager regarding any financial worries.

Just over half stated that their relationship with co-workers has been affected by financial pressure, with 46% saying their relationship with their line manager had been affected by it. 55% of those surveyed said they had saving goals, which goes up to 75% in people aged 18-34. However, only 28% of people in that age bracket are actively saving, a figure which only increases to 33% when considering all respondents.

A separate study by YouGov backs up the report’s findings that financial worries have a negative impact on employees’ work, as well as suggesting that one in ten employees is ‘slipping’ financially and using costly ways of borrowing money. YouGov also found that two in five people have just one month’s worth of savings to support themselves, and that 42% of respondents didn’t feel confident that they could handle up to £500 of unplanned expenditure.

For more information regarding any employment issues, or to arrange an appointment with our expert Employment Law solicitors, call 0330 017 6309* or email info@bannerjones.co.uk.

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