Firms are being advised that they need to do more to help their employees cope with financial concerns after a survey revealed that a quarter of people are suffering with money problems so substantial that it is affecting their ability to do their job.
Even more people (30%) in the public sector say that money worries have affected their job performance. Similarly, the problem is more likely to hit young people (18 to 24 year-olds) and those living in London.
Available at http://bit.ly/2ifscfz, the research involved more than 1800 UK employees and was carried out by the Chartered Institute of Personnel and Development (CIPD) and Close Brothers Asset Management.
The is not, the CIPD has made clear, a problem which solely impacts on the low-paid as it found 20% of employees earning £45,000 to £59,999 saying that financial anxiety has had a detrimental affect on their work.
CIPD reward and performance adviser, Charles Cotton, said: "Money worries affect people regardless of their age, gender or level of pay, and with one in four admitting it negatively impacts their work, it’s clear that organisations should be focusing on financial well-being as part of their workplace agenda."
Higher pay is not necessarily seen as the instant solution with more people opting for being rewarded in a fair and consistent manner (41%), being able to save for the future through a pension (26%), and being able to develop and progress in their career (20%).