Financial stresses are hitting employee physical and mental health and already impacting workplace productivity with the damage expected to continue next year.
According to research from Unum, the stress of worrying about their financial circumstances is the greatest issue affecting productivity and having a significant physical impact.
The insurer’s survey of 3,000 people found 29% of the UK workforce said financial worries from the cost-of-living crisis had negatively impacted their productivity at work this year.
Furthermore 31% expected financial concerns to negatively impact productivity in 2023.
The physical impact is becoming marked with 40% of UK workers feel physically tired or have low energy, 32% said financial worries kept them awake at night and 25% felt depressed.
Despite the pressure 35% said they had not been provided with any cost-of-living support from their employer this year.
Of the employees who said they were affected by financial pressures:
- 26% said they will seek help with their stress
- 20% expect to need to speak to a mental health professional for counselling
- 19% will seek advice from their GP
- 15% plan to take time off sick.
Unum added it had seen an 88% rise in the number of mental health support consultations compared to the same time last year.
Unum UK CEO Mark Till said: “Our research captures some major red flags in the lack of support from businesses and the resulting impact on productivity, as well as physical and mental health.
“With only 15% of workers expecting their productivity to improve in 2023, employers need to be aware of the long-term implications of not helping employees during the current difficult economic climate.
“High-quality employee benefits and support services are essential, but employees can’t utilise these unless they’re aware of them.
“Communication and embedding these benefits are critical, as well as enabling a culture where employees feel they can speak freely about concerns and understand where to go to access early intervention support.”