Money problems now affecting three quarters of workers

The latest survey has found that almost three quarters of workers in the UK are worried about money, which represents an increase on the figure from 2021.

This survey was produced by PAM Group, a company that offers occupational health services. It found that a total of 73% of UK workers were concerned about their financial situations. In addition to that, another one third of those who took part in it stated that their financial concerns were impacting on day-to-day life. The freezing of tax thresholds in the Budget is likely to exacerbate this for many people.

When PAM Group conducted a similar survey back in 2021, the percentage of workers who said that money was a worry was 63%. Given the cost of living crisis that has exploded since then though, the rise is not particularly surprising.

However, it has sparked a conversation about what companies can do to support their workers. Elaine Preston from PAM Group told Personnel Today that:

“Women and younger workers are particularly impacted, with half of employees saying they want access to financial wellbeing support through work, but just one in ten able to access this.”

This is a role for HR, but talking about money worries is a sensitive subject for most people. Therefore, some workers may be more comfortable speaking to outsourced HR services in Hertfordshire.

As Preston went on to point out, worries of this kind are very damaging to the mental health of workers. This means that companies cannot afford to ignore the findings of the survey.