According to the 2016 Employee Financial Wellness Survey, stress is now at an all time high.
Worrying about money can really take over your life, so it doesn’t come as a surprise to hear that at least 17.5 million working hours are lost per year by the UK workforce due to financial stress.
Here are the top 5 reasons your employees are financially stressed.
Having debt and credit card bills hanging over you is tough and it can be hard to know who to turn to for help.
Lots of people take out extra loans to pay off their debt only to leave them in even more money trouble. Once you enter the debt cycle, it's really hard to get out of. Understandably, this can be incredibly stressful to deal with.
2. Having to work forever
Most people don’t want to work for the rest of their lives, but unless you’ve got enough money saved up, it’s likely you’ll be working longer than you want.
More often than not, making some lifestyle changes can propel retirement forward. But accessing the advice you need to achieve this, can be really hard.
As you’d expect, for 45 to 64 year olds who are much closer to retirement, this is a big cause of financial stress.
3. Having no emergency fund
Dealing with any kind of emergency in life is stressful and on top of the emotional impact of the incident, it can cost a lot of money.
In the recent Employee Financial Wellness Survey, not having enough emergency savings for unexpected expenses was the top financial concern for employees. If your employees don’t have an emergency fund, chances are they’ll be feeling the financial pressure more than others.
Wanting a better lifestyle, to do more in life and experience new things is another top cause of financial stress.
With millennials in particular, not having enough money to do things like go on holiday and travel can be frustrating. No one wants to feel like they can’t do what they want in life.
Having a home we consider safe and secure is fundamental to our happiness. We all need a place we can retreat to.
Employees who struggle to keep up with their rent and mortgage payments can be left feeling stressed and anxious. This can also impact their relationships and have a huge impact on workplace productivity too.