According to a survey published today by YuLife, the tech-driven insurance company on a mission to inspire life, the vast majority of workers (80 per cent) believe that stress around financial wellbeing can negatively impact performance in the workplace. Despite the potential negative impact on their performance, 66 per cent of workers would be uncomfortable telling their employer that they feel financial stress.
The report is based on the results of a survey conducted in conjunction with YouGov, which investigated employees’ sense of financial wellbeing in the workplace and how it impacts life and work.
The feeling of being financially secure and able to meet current and future financial obligations and withstand unexpected situations can have a huge impact on personal wellbeing. According to the survey, 80 per cent of respondents worry about their financial wellbeing, rising to 88 per cent of adults who live in households with children. Financial worries are the biggest source of stress-causing employees to be less productive and more distracted.
Almost half (49 per cent) of respondents agree that it is a workplace’s responsibility to improve employees’ sense of financial wellbeing beyond the legally mandated obligations such as benefits and pension contributions. But this issue resonates ever stronger with the younger generations with 64 per cent of 18-24 year-olds and 69 per cent of 25-34 year-olds considering a sense of financial wellbeing a workplace responsibility.
In addition, 61 per cent of respondents say that a workplace’s ability or willingness to support their financial wellbeing contributes to their decision to join a new workplace or to stay at their existing workplace rising to 76 per cent among 25-34 year-olds. Only 7 per cent of adults say this is not a factor.
“This survey demonstrates the clear link between financial wellbeing and productivity in the workplace bringing to light the need for essential assistance to look after financial stress,” said Sammy Rubin, CEO and Founder, YuLife. “The almost-universal nature of money worries means that employers have a responsibility to support their employees’ financial wellbeing with additional benefits and insurance products as well as creating help and awareness to suit their financial needs. Employees increasingly believe that workplaces are responsible for improving financial wellbeing – it’s no longer considered a nice-to-have but an integral part of creating a healthy workspace.”