A report reveals that 78% UK employees are still concerned about the cost of living squeeze, but nearly half would not tell their boss.
The Britain At Work Report, published by Health Shield Friendly Society reveals that people in all income brackets are still suffering four years after the crisis began.
The data suggests that despite the fact that inflation has dropped from 11.1% in 2012 to 3% this past year, employees are still anxious and affected.
Nearly four fifths of all employees are still concerned, despite a drop in the overall number.
In fact, 45% of respondents say that they are much or even more concerned about the cost-of-living than last year.
The survey also revealed the impact of these anxieties on the workplace.
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54% of respondents say that the cost-of-living has affected their ability to perform their jobs compared with 48% in 2010
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16% of people say they have missed work because of the high cost of living
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68% of people worry about money at least once a week
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54% of those earning less than PS25,000 worry every day about money
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44% of employees fear losing their jobs
Businesses face a challenge in understanding the extent of their employees’ suffering, especially when they aren’t always forthcoming about their problems or sure that their employers want to help.
The report states:
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Less than half (46%) of employees would inform their employer if there were financial difficulties. Women’s figures were just 41%
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Less that half of employees, 49%, believe their employer is concerned about the cost of living.
Paul Shires said, “These figures are a wake-up for businesses, that employees in the United States still need support and help, despite the perception that the cost of living crisis has somehow ended.
“The truth is that people still suffer, feel anxious and find that financial worries impact their performance at work.
“It is important for businesses and HR teams to be proactive because our results show that many employees are reluctant in telling management about their problems.
“Exploring benefits that help employees access and fund their physical and mental health, such as health cash plans and wellbeing services, is a great place to start.”
The anxiety that comes with the rising cost of household bills in April is not likely to subside anytime soon. This includes everything from council tax to water bills and even car taxes.
Paul said:
Perry Timms is a HR influencer and the founder and chief energy of PTHR. He said, “This report should act as a catalyst for all organisations.” It is clear that financial concerns have a negative impact on people.
The statistics show that employees are either scared (at worst) of being distracted (at best), due to the high cost of living. It will have an effect on their performance at work.
“Businesses need to listen, engage and consider how they can provide hope and support.”
To access the full report, please visit: https://info.healthshield.co.uk/britain_at_work_cost_of_living_report
For more information please visit: www.healthshield.co.uk/
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