Money worries cause mental health issues for over half of UK employees

© Provided by This Is Money MailOnline logo

Money worries cause mental health problems for more than half of UK employees, a new study has found. 

In a nationwide survey, three fifths (60 per cent) of respondents said they had financial concerns that caused them to struggle from anxiety, stress and depression, demonstrating the strong link between financial health and mental health.

The most at-risk group were found to be millennials aged 25 to 34, with a fifth (21 per cent) of those polled stating they struggled with money worries ‘very often’.     

© Provided by This Is Money (

The findings, released by UK professional services consultancy Barnett Waddingham, also showed how poor employee wellbeing has negative repercussions for employers. 

Two fifths (39 per cent) of employees said that their mental health declined as a result of their organisation not supporting their wellbeing during Covid-19.

This resulted in 30 per cent searching for a new job and a quarter being less productive at work– demonstrating the impact on productivity and retention.

Employees who were put on furlough in March 2020, and remained so into mid-2021, were even more likely to face money worries that have impacted their mental health, having faced a reduction in monthly salary and a prolonged period of job insecurity. 

Seven-tenths (70 per cent) of furloughed employees said so, compared to 55 per cent of non-furloughed employees, and nearly a quarter of furloughed employees (23 per cent) said that it’s been the case ‘very often’.

“People should feel that they can seek support from their employer if they feel they’re not in good financial shape, and it’s causing worry or stress ”

The figure also rose for disabled employees, with seven-tenths (71 per cent) stating that they’ve had financial concerns that cause them to struggle from anxiety, stress and depression, and 30 per cent said this was the case ‘very often’.  

Poor financial health and mental health was shown to impact how employees approached spending or managing their money. 

Women are more likely to be impacted by this than men, with just under half (46 per cent) of female respondents highlighting this connection compared to 36 per cent of male participants.  

Commenting on the study, which involved 2,001 participants, David Collington the principal at Barnett Waddingham, said: ‘There’s no downplaying the impact that financial worries can have on our mental health and general wellbeing. 

‘Likewise, poor mental health can make it harder to manage money effectively and feel in control of our financial future. 

‘Since the pandemic, more employees have seen a fall in their income or changes to their job which can put a strain on households and families.’ 

Collington encourages employers to prioritise employee wellbeing, not only during periods of economic crisis but ‘consistently and regularly’. 

He concludes: ‘Employers have a hugely significant role to play in supporting people’s mental and financial health, and in doing so, they are much more likely to cultivate a healthy and happy workforce that works productively and is loyal to the organisation. 

‘People should feel that they can seek support from their employer if they feel they’re not in good financial shape, and it’s causing worry or stress. Simply knowing the benefits that they’re entitled to or the support measures available can be a good step on the path to building greater resilience.’ 

The Samaritans offer support and advice to people feeling suicidal or vulnerable 24 hours a day, 365 days a year. Their website is https://www.samaritans.org, email address jo@samaritans.org or call free on 116 123

Internet Explorer Channel Network
News Related

OTHER NEWS

Punters flock to Royal Randwick for The Everest carnival

© Provided by Daily Mail MailOnline logo Sydneysiders are well and truly celebrating the end of lockdown as they flock to the Royal Randwick Racecourse for The Everest – the ... Read more »

WBBL announces four matches to go ahead in Hobart behind closed doors this weekend, amid COVID lockdown

Cricket Australia has confirmed all four Women’s Big Bash League matches will go ahead in Hobart this weekend but behind closed doors, following the Tasmanian capital’s snap three-day lockdown. The ... Read more »

Girl, 15, dies after contracting Covid

© Provided by Daily Mail MailOnline logo A COVID-positive teenage girl with other health conditions has become the youngest Victorian to die during the current outbreak. Victoria’s COVID-19 commander Jeroen ... Read more »

IPL 2022: 3 Teams Who Can Target Hardik Pandya In Mega Auction

Hardik Pandya-Mumbai Indians Predicted Playing XI IPL 2022 will be a 10-team affair with two new teams coming into the fold. Ahmedabad and Lucknow are the cities likely to be ... Read more »

The Australian sprinter whose career was killed by the 'Black Power' podium protest

US athletes Tommie Smith, centre, and John Carlos, right, raise their fists in protest on the podium in Mexivo City in 1968, behind Australian sprinter Peter Norman, left. (Getty) This ... Read more »

CATL's EV battery breakthrough holds promise as cost-effective, game-changing alternative the industry's waiting for

The first of a three-part series on battery packs looks at the world’s largest producer CATL and how it occupies the apex of a technological revolution to assemble cheaper and ... Read more »

A 'Champagne Dame' and a $43m mansion: What we know about the new Real Housewives of Melbourne cast.

The Real Housewives of Melbourne is back gracing our TV screens, with four new ladies joining the cast to shake things up. © Getty Images A ‘Champagne Dame’ and a $43m ... Read more »

ACT allows travel to additional NSW areas

Fully vaccinated ACT residents can visit additional areas of NSW after coronavirus quarantine requirements were relaxed. © Mick Tsikas/AAP PHOTOS The ACT is relaxing rules on visiting parts of NSW, ... Read more »

Vic lockdown rules ludicrous: Frydenberg

Federal treasurer Josh Frydenberg has described Victoria’s current COVID-19 lockdown rules allowing for entry from NSW but enforcing confinement in Melbourne as “ludicrous and unacceptable”. © James Ross/AAP PHOTOS Treasurer ... Read more »

Victoria records 1993 new local COVID-19 cases, seven deaths

Victoria records 1993 new local cases of COVID-19 Victoria has recorded 1993 new local COVID-19 cases in the last 24 hours and seven deaths. Among the deaths is a 50-year-old ... Read more »

Hannah Gadsby slams Netflix executive Ted Sarandos for dragging her name into defence of Dave Chappelle

© Provided by ABC NEWS Hannah Gadsby did not mince her words in her Instagram post. (Supplied) Australian comedian Hannah Gadsby has launched a scathing attack on a Netflix executive ... Read more »

'Throw the book' at Tas quarantine escapee

© Ethan James/AAP PHOTOS Tasmanian restrictions, covering 12 government areas including Hobart, came into effect on Friday. Tasmania’s premier wants extra penalties dished out to a coronavirus-infected NSW man whose ... Read more »

NSW gets spring snow as severe storm warning is issued

NSW records 319 new local cases of COVID-19 New South Wales ski fields have received a late dusting of spring snow after days of wild weather battered the state. Perisher ... Read more »

Trump-backed challengers to Republican lawmakers lag in fundraising

By Jason Lange © Reuters/RACHEL MUMMEY FILE PHOTO: Former U.S. President Trump holds rally in Iowa WASHINGTON (Reuters) – Four candidates backed by Donald Trump to challenge Republican lawmakers who ... Read more »

Stuart Ayres defends NSW's scrapping of quarantine from November 1

UK politician dies after being stabbed at meeting New South Wales Deputy Liberal leader Stuart Ayres defended the state government’s plan to scrap quarantine requirements for fully vaccinated travellers from November 1. Mr Ayres said the plan ... Read more »

Border rule shake-up exposes contradictions as Victoria records 1993 new cases, seven deaths

Victoria has recorded 1993 new local cases of coronavirus and seven deaths as changes to border rules mean vaccinated NSW travellers will be able to visit Victoria without quarantining before ... Read more »

NT Police charge 32-year-old man over a fatal hit and run in Darwin's northern suburbs

© Provided by ABC NEWS NT Police released CCTV footage of the vehicle, captured on Gsell Street prior to the crash. (Supplied: NT Police) Northern Territory Police have charged a man ... Read more »

ACT reports 20 new virus cases

The ACT has reported another 20 locally acquired COVID-19 cases while handing residents a green light to visit 26 extra NSW postcodes as part of relaxing quarantine requirements. © Mick ... Read more »

‘The most silent of all silences': Port Arthur massacre film opens in Tasmania

It began with faint ripples of anxious laughter and ended with a stillness so unnervingly intense that one person remarked in the foyer of Hobart’s State Cinema afterwards, “that was ... Read more »

AFP seizes 450 kilograms of heroin in largest ever haul

A shipping container of ceramic tiles has been used to conceal 450 kilograms of heroin bound for Australian streets. Australian authorities detected what is the largest heroin shipment ever, inside ... Read more »

Everything we know about Google's Pixel 6 and Pixel 6 Pro so far

Google‘s Pixel 6 and Pixel 6 Pro will officially be launched on October 19, and in typical fashion, we know a ton of details about the phones well before their ... Read more »

Australians vote for their favourite TV show of all time

© Provided by Daily Mail MailOnline logo Australians have voted on the best television shows ever made with some obvious choices at the top and also a few surprises that ... Read more »

Sons of Anarchy star Katey Sagal hospitalised after being hit by a car

Katey Sagal has ended up in hospital this weekend after being hit by a car while crossing the road, TMZ reports. It is alleged that a person driving a Tesla ... Read more »

Sean Penn's wife of 15 months Leila George, 29, files for divorce

© Provided by Daily Mail MailOnline logo Sean Penn’s wife of just over a year, Leila George has filed for divorce, but no details of what led to the split ... Read more »

COVID-positive 15yo among seven Vic deaths

A COVID-positive teenage girl with other health conditions has become the youngest Victorian to die during the current outbreak. © James Ross/AAP PHOTOS The latest deaths in Victoria’s current COVID-19 ... Read more »

Apple reportedly just fired another employee who brought attention to issues at the company

Apple CEO Tim Cook. Yves Herman/Reuters Apple just fired a staffer who helped organize employees at the company, The Verge reported. Janneke Parrish was an Apple Maps program manager who ... Read more »

Tragedy as award-winning racehorse is killed after trackwork injury

© Provided by Daily Mail MailOnline logo Cox Plate winner Sir Dragonet has been euthanised following a track work injury just a week before the champion horse was set to ... Read more »

The cheapest city in Australia to rent in has been revealed

© Provided by Daily Mail MailOnline logo Melbourne has become the cheapest capital city in Australia to rent a home for the first time ever – and it’s all thanks ... Read more »

No new cases in Tasmania amid lockdown

© Ethan James/AAP PHOTOS Tasmanian restrictions, covering 12 government areas including Hobart, came into effect on Friday. No new coronavirus cases have been recorded in Tasmania, as the state’s south ... Read more »

NSW records 319 new COVID cases as state nears 80 per cent double-dose vaccination

NSW has recorded 319 new cases of COVID-19 as the state inches closer to 80 per cent double-dose vaccination, a milestone expected to be reached some time this weekend. Fully-vaccinated ... Read more »

State-sponsored attackers infiltrate Play Store with fake VPN app

Spyware can come in many forms and in May of last year, Google’s Threat Analysis Group discovered that state-sponsored hackers had disguised their malicious software as a VPN app and ... Read more »

SA Police investigate suspicious death at Gawler South after woman's body found inside home

© Provided by ABC NEWS Crime scene investigators returned to the house this morning.  (ABC News: Claire Campbell) South Australia Police are treating the death of a woman north of ... Read more »

China lags in important electric car technology despite rare earths advantage, says permanent magnets scientist

Chinese electric carmakers are still lagging behind their foreign rivals in permanent magnet (PM) motor innovation despite the fact that China is the world’s dominant supplier of the rare earth ... Read more »

North Queensland's property market booming as interstate buyers take advantage of lower prices

© Provided by ABC Business Real estate agent Chelsea Stevens says she’s having 20 to 30 groups through an open home. (ABC North Queensland: Zilla Gordon) Chelsea Stevens has 100 ... Read more »

New Antarctic icebreaker RSV Nuyina docks in locked-down Hobart

© Provided by ABC NEWS The Nuyina was escorted up the River Derwent by tugs but minus a flotilla of well-wishers, which had to be cancelled because of a lockdown. (Supplied: Caroline ... Read more »

Ernie Hudson Reacts to 'Ghostbusters: Afterlife' & Talks Season 3 of 'The Family Business' (Exclusive)

© ET Ernie Hudson is just as excited about Ghostbusters: Afterlife as the fans. In a chat with ET’s Matt Cohen, the 75-year-old revealed that Jason and Ivan Reitman invited him to ... Read more »

Pay-by-the-mile road pricing plans are DROPPED

© Provided by Daily Mail MailOnline logo Plans to introduce road pricing have been shelved amid fears the idea could kill off demand for electric vehicles. Boris Johnson will publish the ... Read more »

Get the tissues, Adele brings the feels in first new music in six years

The last couple of years have been tumultuous and life-changing, with the ups and downs of everyday life continuing against the background of the pandemic. The rich and famous aren’t ... Read more »

What the COVID-19 vaccine booster data still can't tell us

This past week, a panel of independent FDA advisors has voted to recommend booster shots of both the Moderna and Johnson & Johnson COVID vaccines.  © Knartz/Deposit Photos An FDA ... Read more »

‘Pent-up demand': Sydney celebrates Friday night drinks after lengthy lockdown

Stormy weather and social distancing didn’t stop Sydneysiders from celebrating Friday night drinks for the first time since June following the easing of lockdown restrictions. Eyebrows plucked, bodies freshly tanned, ... Read more »