More than a quarter of employees are facing 2018 with growing financial problems negatively impacting their life, according to new research from Willis Towers Watson.
The latest Financial Worries report from Willis Towers Watson’s Global Benefit Attitudes Survey reveals more than one in four (26%) of UK employees see money worries having a negative impact on their lives, up from only a fifth (20%) in 2015.
The proportion who are satisfied with their financial situation decreased from 52% to 43% over the same period.
The decline in financial satisfaction reverses the trend of the previous six years and coincides with an upturn in unsecured household debt since 2013, alongside squeezed incomes as pay rises struggle to keep pace with higher price inflation.
Commenting on the survey findings, Willis Towers Watson senior consultant Richard Sweetman said: “After the relative optimism of 2015, UK workers are experiencing a marked decline in financial confidence as we enter 2018. Rising indebtedness, low growth in wages, and global political uncertainty are likely to be contributing to this trend. With household debt rising and incomes stagnant, it is perhaps not surprising that growing numbers of UK workers are feeling the strain financially.
“What emerges from this research, however, is the impact of these factors on employees’ health and engagement in the workplace. It also identifies growing awareness among employers of the link between financial worries and stress, absence and engagement at work. Employees are looking for help, and there is an increasing willingness on the part of employers to offer meaningful support with the financial wellbeing of their staff.”
The research reveals growing recognition of the issue among employers, with more than two thirds (69%) agreeing that they should take an active role in helping their employees to manage their personal finances better.
Over half (56%) of employers claim they will have implemented financial well-being programmes for their employees in the next three years.
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