Employees struggling with the soaring cost of living are at higher risk of suffering mental health problems, research has found — prompting calls for employers to offer more financial literacy initiatives, or direct support.
Two out of three UK employees say money worries affect their mental health, while three out of five say this financial distress is affecting their performance at work, according to a survey by workplace savings provider Cushon.
As a result, the cost of living crisis presents a “double whammy” hit to productivity, argues Steve Watson, Cushon’s head of proposition, as financial worries firstly affect an employee’s ability to do their job, and can cause mental health problems, which may further hamper longer-term efficiency. Workers suffering from stress, anxiety and depression took an average of 21.6 days off sick in the financial years 2019 to 2020, according to the UK Health and Safety Executive.