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67% of employees believe employers do not care about their financial wellness

17.5 million working hours are thought to be lost by the UK workforce annually due to financial stress

According to research by Neyber, 67% of respondents believe that their employer does not care about their financial wellness.

Surveying 10,000 UK employees, its DNA of financial wellbeing report, also found that more than half of respondents feel that financial pressure has an effect on their behaviour and performance at work.

The research also found:

  • 70% of employees admitted to wasting a fifth of their time at work worrying about finances.
  • Around half of the respondents confessed that financial pressure affects their relationship with colleagues.
  • Just 3% of respondents would turn to their manager or HR department if they have financial concerns.
  • 46% of respondents believe that financial pressure affects their relationship with their line manager.
  • 55% of respondents have savings goals but only a third (33%) are actively saving towards that goal.
  • Three-quarters of respondents aged 18-34 have savings targets, and 28% are actively saving.

Head of insights and engagement at Neyber, Heidi Allan, said: “More and more workers are looking to their employer for help with financial matters and this will only increase as more millennials enter the workforce; it’s not a problem that is going to go away.

“Employers and policy makers must act to address the growing financial wellbeing crisis.  Financial education, awareness and understanding are key to making smart, well informed financial decisions.”

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