The Institute of Employment Studies (IES) has warned employers to offer staff more widespread and accessible financial education programmes after finding more than a third of staff think financial worries are having a negative impact on their performance at work.
The IES reports a quarter of staff are worried about debt, one in are five being kept awake at night worrying and 10% report effects on their health as a result. Only a third of people felt positive about their financial future and less than a third thought they had sufficient savings for retirement.
Forty percent of staff said they had made use of financial advice but are most likely to use independent financial advisers, banks and building societies rather than debt advice charities - and a mere 15% had made use of their employer-provided financial education.
Annette Cox, associate director at the IES and head of its work and wellbeing team, said: "Employees who report better financial wellbeing are more likely to report increased productivity. Now more than ever, people are going to need help and support to better manage their finances.
"Employers are in a good position to do this and offering even basic information about taking care of your money will go a long way. It is really important to think about how people who are most in need of financial advice can access it easily."
Staff with debt worries are least likely to use employer-provided financial education
Although 30% of staff do not feel in control of their finances, those in poor financial health are least likely to make use of financial education offered by employers.
