Hidden employee debt costing economy billions

UK companies are oblivious to the prominence of debt in the lives of their employees, and it is costing companies millions, and the economy billions, according to research.

Despite the best efforts of HR departments, some of the biggest private, public, and third sector organisations are suffering from high absence rates due to sickness. Over 35% of workplace illnesses are ascribed to stress, which accounts for an annual average of 24 sick days per person. It is estimated that debt is costing companies millions, and the economy billions.

Jane Clack, a money advice consultant at PayPlan, said “People wrestling with debt problems can suffer from stress and anxiety, which impacts their working lives. It’s impossible to keep major personal concerns far from your thoughts while in a working environment, leaving many people unable to perform their duties.”