The survey analysed the response of 1,178 UK employees working in the retail sector, and also found that 74% of respondents are affected by financial worries.
The stats showed:
- 67% of respondents between the ages of 25 and 34 have borrowed money in the last year to meet basic financial needs.
- 84% of respondents below the age of 34 are affected by financial concerns.
- 43% of 25-34 year old respondents use a credit card for borrowing money.
- 51% of respondents between the ages of 25 and 34 have less than one month’s savings.
Monica Kalia, co-founder and chief strategy officer at Neyber, said: “Workers in the retail sector have been some of the hardest hit by cuts to employee benefits in recent months as employers look to recoup the cost of introducing the national living wage.
“While the move to increase incomes for those on the lowest wage should be welcomed, it’s been a significant burden for a number of retail [organisations] to swallow. However, cutting access to benefits for hardworking staff is not fair, and employers need to ensure they nurture the financial wellbeing of their employees to develop a more motivated and better-performing workforce.”
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