Men and managers are the hardest hit by the wave of absenteeism caused by stress over finances in UK organizations.
Bippit, a financial wellness company, conducted a study that found 36% of UK workers have taken time away from work because of money worries. However, 45% of HR professionals underestimate how many employees are affected by this stress.
Over half of men (54%) reported taking time off due to stress compared with just 16% women. Managers are 5.2 times as likely to take time out for financial reasons compared to those who do not hold a management position.
Bippit’s research found that households with a single income were twice as likely as those with dual incomes to require time off.
The research by Bippit, which is part of a research program called Dynamics in Financial Wellbeing, surveyed 2,000 UK employees and 500 senior HR professionals.
The study also revealed a trend called financial presenteeism. This is when employees are still at work but distracted or unfocused by money worries.
Men are 1.5 times more likely to be distracted than women.
Financial distraction was more common among managers than non-managers and for employees in households with a single income compared to dual-income workers.
The middle-income earners report the highest levels in distraction at work.
Sam Lathey, CEO of Bippit, said that the findings showed a clear discrepancy between HR’s perceptions and employee experiences. It is possible that vulnerable groups are not getting the help they need.
He said: “Financial well-being is an important part of a healthy work environment, but many employees struggle without support.”
When HR underestimates the size of these challenges, the employees will have difficulty accessing the support they require. We must create an environment where employees can ask for help and take time off if needed. They should also be able to access the appropriate support.
Andrew Berrie, Head of Corporate Partnerships and Leading Workplace Wellbeing at Mental Health Charity, Mind, stressed the importance of a “person centred” approach.
The link between mental health and money is well-known. Financial difficulties and poor mental health can both make it difficult to manage money.
The cause of financial concern will vary depending on the type of workforce, but may include debt, unexpected life changes, or a lack ability to manage finances.
The impact of this on mental health is also different from person to person. The organisations need to be aware of the financial challenges that their employees may face, and what they can do to help them.
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