Money worries cause mental health problems in more than half of UK workers, a study found
- In a nationwide survey, 60% of respondents said they had financial concerns that led them to struggle with anxiety, stress, and depression
- The most vulnerable group were millennials between the ages of 25 and 34, with a fifth (21 percent) of those surveyed saying they “very often” grapple with money worries.
- The results also showed how poor employee well-being negatively affects employers
Money worries cause mental health problems in more than half of UK workers, a new study found.
In a nationwide survey, three-fifths (60 percent) of respondents said they had financial concerns that led them to struggle with anxiety, stress, and depression, showing the strong link between financial health and mental health.
The group most at risk were millennials aged 25 to 34, with a fifth (21 percent) of those surveyed saying they “very often” grapple with money worries.
Money worries cause mental health problems in more than half of UK workers, a new study found
The results, published by UK consultancy Barnett Waddingham, also showed how poor employee well-being negatively affects employers.
Two-fifths (39 percent) of employees said their mental health decreased because their organization did not support their well-being during Covid-19.
As a result, 30 percent were looking for a new job and a quarter less productive – evidence of the impact on productivity and retention.
Employees who were taken on leave in March 2020 and remain so until mid-2021 were even more likely to face financial concerns that have impacted their mental health as they faced a reduction in monthly salary and a longer period of job insecurity.
Seven tenths (70 percent) of employees on leave stated this, compared with 55 percent of employees not on leave, and almost a quarter of employees on leave (23 percent) stated that this was “very often” the case.
People should feel that they can seek support from their employer if they feel that they are in poor financial shape and that it causes worry or stress
The number also rose among disabled workers: seven-tenths (71 percent) said they had financial worries that made them suffer from anxiety, stress and depression, and 30 percent said that this was “very often” the case. .
Poor financial and mental health has been shown to affect the way employees deal with spending or managing their money.
Women are more likely to be affected than men, with almost half (46 percent) of the female respondents emphasizing this connection, compared with 36 percent of the male participants.
David Collington, director at Barnett Waddingham, commented on the study, which included 2,001 participants: “We must not downplay the effects of financial worries on our mental health and general well-being.
“Likewise, poor mental health can make it difficult to manage money effectively and be in control of our financial future.
“Since the pandemic, more employees have seen a drop in income or a job change, which can put a strain on households and families.”
Collins encourages Giving employers priority to the welfare of workers, not just in times of economic crisis, but “consistently and regularly”.
He concludes: “Employers play an enormously important role in supporting people’s mental and financial health, and in doing so, they are more likely to develop a healthy, happy workforce who are productive and loyal to the organization.
“People should feel that they can seek support from their employer if they feel that they are in poor financial shape and that it causes worry or stress. Just knowing the benefits to which they are entitled or the support measures available can be a good step towards becoming more resilient. ‘
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