Support | How HR can help staff with 2020 financial challenges

Concerns over money and making a paycheque last an entire month is something many employees face, however, these worries have been heightened during the current pandemic as news of business closures and job losses remain a permanent fixture in the headlines.

Statistics shared by the Office for National Statistics (ONS) support this as recent figures indicated that more than six million Brits are concerned about their jobs and more than five million are worried about their household finances as a result of coronavirus.

Elsewhere, two in five UK workers reported increased financial anxiety in the wake of coronavirus, according to the new Changing Trends of Financial Wellbeing report from Close Brothers. However, before COVID-19 hit, last year alone money worries cost the UK economy £120billion and 17.5million in lost hours of work.

Considering these statistics, it’s clear that financial anxiety has been a real problem for many employees, which the current pandemic has exasperated further, leading to increased stress on Brits’ mental wellbeing. For example, a recent study of 1,000 employees from Glassdoor revealed that two in five employees are suffering from anxiety, 34% from sleeplessness and 22% from depression.