Businesses that fail to tackle their employees’ financial stress are more likely to encounter poor work performance, lack of engagement, mental health issues and staff absenteeism, a new report from Neyber has claimed. Since last year, there has been a significant increase in the number of employees affected by financial worries; up from 58 percent to 63 percent, as well as those with less than one month’s savings; up from 24 percent to 32 percent. This stress on individuals is having a severe business impact. One in four employees said they had lost sleep over money troubles in the last year, one in ten said that they couldn’t focus on work and 6 percent said they had had to take time off work. All this adds up to a substantial cost for employers to bear. Neyber has calculated that the lost productivity and increased absence and employee turnover associated with financial stress costs UK companies in the region of £120.7 billion every year.

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One of the biggest concerns cited by many of those being polled on their views during the General Election campaign has been the high cost of living compared to wages. Now a new report claims that over half (55 percent) of employees are experiencing financial problems, which are affecting their behaviour, relationships and ability to perform at work. Although the nationwide study of the financial wellbeing of UK workers The DNA of Financial Wellbeing 2017 report, claims that nearly a third (32 percent) cite finance as their biggest concern; 66 percent of HR directors, think that financial worries are not of concern to their employees. The findings from Neyber, a financial wellbeing company, shows that 47 percent of workers are borrowing money to meet their basic financial needs, with 25 percent borrowing on a credit card, followed by 13 percent through a bank overdraft and 13 percent borrowing from friends and family. Meanwhile, an increase in so-called zero hour contracts means that nearly half (47 percent) of workers in the North and Midlands have an income fluctuation of more than 10 percent each month.

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Workers are under siege from a triple threat to their wellbeing, often dealing with a combination of financial, mental and physical health problems. Research from AXA PPP healthcare claims that over half (52 per cent) of nearly 2,500 workers polled had faced financial difficulties, while around a third say they’ve lived with mental ill health (36 per cent) or had problems with their physical health (30 per cent). Most workers (81 per cent) say that, when they’ve experienced difficulties with their mental health, their physical health has suffered too, while over half (52 per cent) admit that their finances have been adversely affected. Similarly, when facing problems with their physical health, 71 per cent say that they’ve also experienced difficulties with their mental health, while 40 per cent report that their finances have taken a turn for the worse. A sizeable proportion of employees who’ve had financial difficulties say that their mental health (76 per cent) and physical health (50 per cent) have also been adversely affected.

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