Analysis by The Money and Mental Health Policy Institute, sponsored by Salary Finance, has revealed that over two thirds (67%) of employees who are struggling financially report at least one sign of poor mental health that could affect their ability to function at work.
Symptoms include loss of sleep, poor concentration, and reduced motivation. With 5% of employees saying that they are finding it difficult to make ends meet, that’s nearly one million people in the UK who are likely to be struggling with mental health difficulties at work, driven by financial issues. For those who are financially comfortable, this falls to 41% reporting the same signs of poor mental health.
Financial difficulties hit sleep, concentration and productivity
This analysis of data from 40,000 households shines a light for the first time on the relationship between the two. The charity found:
What should be of additional concern to employers is that it is not just those that are experiencing difficulties that are affected.
There is also a noticeable difference in the symptoms of poor wellbeing among employees who identified themselves as ‘just about managing’ financially, suggesting that even a less intense financial strain can have an impact on both well-being and productivity.
Financial difficulties significantly increase our risk of developing mental health problems, and with nearly half (45%) of all working days lost to ill health in 2015/16 caused by stress, the case for employers to act is strong.
As an employer what can you do? Often your bank will be willing to come in free of charge and have one to ones with your employees, you can encourage them to use the childcare vouchers scheme or ride to work. If you see an employee is struggling then speak to them and encourage them to speak to someone professionally to help them.