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Why it pays to support staff financial health

 

UK employees are each spending an average of 3.5 days per year on personal finance tasks while at work. But, as our nationally-representative survey of more than 1,300 employees reveals, the true cost of poor financial health is potentially much greater.

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This report is cited in CIPD's 2023 Employee Financial Wellbeing: Practical Guide.

 

"We can see from the data that workers want their employer to support them with their finances. And this is crucial right now amidst the threat of a recession, high inflation and rising living costs which is going to continue for a long time."

Professor Sir Cary Cooper

Foreword by former CIPD president and leading organisational psychologist Professor Sir Cary Cooper of Manchester Business School.

 

 

No organisation can afford to ignore the financial health of its people. Here's why.

 

In our survey producing almost 25,000 data points, key findings include:

  • Over a third of working adults (37%) say they struggle, fall behind or cannot keep up with bills. Almost one in three of this group (30%) earn more than £150,000 a year.
  • Almost half (49%) have saved less than a month’s outgoings. Some 16% have no buffer at all and live paycheck to paycheck, while 15% would run out of money within two weeks.
  • More than two-thirds (67%) say financial stress affects their work.
  • The average employee spends an average of 3.5 working days a year managing finances while at work. 
  • One in two (55%) employees do not think their company cares about their financial wellbeing.
  • 69% of employees feel their company should do more to support their personal finances. 
  • 78% said a financial wellbeing programme could keep them in their job longer. 

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Reveal the hidden link between employee financial health and your bottom line

 

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