Thirty-six per cent of UK employees are regularly worrying about money, according to research by Salary Finance.
The Employer's Guide to Financial Wellbeing 2019-2020 explores the effects of poor financial wellbeing. It shows that those with financial worries are more likely to be suffering from problems in and out of the workplace, which will affect their working life.
Employees that have low financial wellbeing are 14.6 times more likely to have sleepless nights and over four times more likely to be suffering from depression and anxiety.
Those with money worries are taking, on average, at least one sick day a year to deal with their financial issues. With 36 per cent of employees taking just one sick day a year due to money worries, businesses are losing 360 days a year or 30 lost days each month per 1,000 employees.
One in four people has experienced a mental health problem each year and mental ill health is responsible for 72 million working days lost and costing UK business £34.9 billion each year (MHFA England).
The money advisors' research also showed that employees with money worries are spending 2.7 working hours a week dealing with their money worries, compared to one hour a week for those without money worries. Essentially this means that employees are at work, but are too stressed out and preoccupied to focus on their job.
Salary Finance suggests that in the long-term employers should focus on creating a holistic wellbeing programme that considers all aspects of wellbeing and puts their people at the heart of their business priorities.