Financial Health | Businesses harmed by poor employee financial wellbeing

Almost 19 out of 20 (94%) UK employees are suffering from money worries, with more than three quarters (77%) saying that this impacts them at work, according to new research from Close Brothers.

Employers understand that their businesses are suffering as a result, with 89% of larger UK businesses reporting that they are impacted by poor employee financial wellbeing. This equates to 2.4million UK businesses.

“Money worries don’t just affect an individual’s financial health; they are one of the single biggest causes of stress, impacting mental and physical health if left unchecked,” said Jeanette Makings, Head of Financial Education at Close Brothers.

“They are also an issue for businesses with lower productivity, higher absenteeism and higher staff costs which hurts business performance. Doing nothing is no longer an option.”