Employees staying silent about money worries

Bosses have been urged to make sure they’re giving the right support to cash-strapped employees.

According to research by Health Shield Friendly Society, 78% of people in work are worried about the cost of living.

And nearly half are more worried about the cost of living now than they were this time last year.

Unsurprisingly, financial anxieties are causing problems for many people in the workplace.

For example, 54% said the cost of living has affected their ability to do their job.

That’s up from 48% last year.

Figures also showed that 33% of people in work worry about money every day.

This is particularly common among the lowest earners, with 54% of people earning less than £25,000 saying they worry about money daily.

Concerningly, most employers aren’t aware of the problem.

In fact, just 46% of employees said they’d tell their employer if they were struggling with money.

Women were especially likely to stay silent, with only 41% saying they’d let their boss know if they had money problems.

Paul Shires, director at Health Shield, said people’s reluctance to tell management about their problems means employers have to get on the front foot.

“It’s important that businesses and HR teams are proactive,” he commented.

“These figures should be a wake-up call for businesses that employees across the country continue to need help and support, despite a perception that the cost-of-living crisis is somehow over.”

Perry Timms, founder and chief energy officer of PTHR, added that the cost of living means employees are “frightened at worst or distracted at best”.

“This will inevitably have an impact on how they show up at work and strive to perform,” he said.

“Businesses should be listening, engaging and considering how to provide hope and support.”