New research from the Institute of Employment Studies (IES) suggests it’s in the best interests of UK employers to help their workers manage their finances. At least a quarter of workers in the country are currently worried about debt, with one in five reporting they are being kept awake at night by financial worries.
Over 30% of respondents do not feel in control of their finances, and those suffering from monetary problems are least likely to use the financial education programmes offered by their employers. Interestingly, the people surveyed that had utilised these programmes actually found them useful.
Furthermore, the IES research discovered that employees that are not worried about their finances are more likely to report improved productivity at work.
Annette Cox, Associate Director at the IES, comments: “Employees who report better financial well-being are more likely to report increased productivity. Now more than ever, people are going to need help and support to better manage their finances. Employers are in a good position to do this, and offering even basic information about taking care of your money will go a long way.
“It’s really important to think about how people who are in most need of financial advice can access it easily.”
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