According to a new survey published by the tech-drive insurance company YuLife, the vast majority of workers (80%) believe that stress around financial wellbeing can negatively impact performance in the workplace.
However, despite the potential negative impact on their performance, only 66% of workers would be uncomfortable telling their employer that they feel financial stress.
The report is based on the results of a survey conducted in conjunction with YouGov, which investigated employees’ sense of financial wellbeing in the workplace and how it impacts life and work.
The feeling of being financially secure and able to meet current and future financial obligations and withstand unexpected situations can have a huge impact on personal wellbeing. According to the survey, 80% of respondents worry about their financial wellbeing, rising to 88% of adults who live in households with children. Financial worries are the biggest source of stress causing employees to be less productive and more distracted.
Meeting the needs of the multigenerational workforce
Almost half (49%) of respondents agree that it is a workplace’s responsibility to improve employees’ sense of financial wellbeing beyond the legally mandated obligations such as benefits and pension contributions. But this issue resonates ever stronger with the younger generations with 64% of 18-24 year-olds and 69% of 25-34 year-olds considering a sense of financial wellbeing a workplace’s responsibility.
In addition, 61% of respondents say that a workplace’s ability or willingness to support their financial wellbeing contributes to their decision to join a new workplace or to stay at their existing workplace rising to 76% among 25-34 year-olds. Only 7% of adults say this is not a factor.
Sammy Rubin, CEO and Founder of YuLife said:
“This survey demonstrates the clear link between financial wellbeing and productivity in the workplace bringing to light the need for essential assistance to look after financial stress. The almost-universal nature of money worries means that employers have a responsibility to support their employees’ financial wellbeing with additional benefits and insurance products as well as creating help and awareness to suit their financial needs.
Employees increasingly believe that workplaces are responsible for improving financial wellbeing – it’s no longer considered a nice-to-have but an integral part of creating a healthy workspace.”
Additional findings include:
- Cost of Living. In light of the expected rises in the cost of living in 2022, 57% of people expect their levels of concern around financial wellbeing to increase over the coming year.
- Life Insurance. 63% of adults who live in households with children believe that life insurance is important to their sense of financial wellbeing.
- Protecting the Future. A plurality of workers chose income protection or critical illness cover as the favoured policy a workplace can offer to help enhance their sense of financial wellbeing.
The full results of the survey can be viewed here.