Majority of employees uncomfortable discussing finances at work

According to the latest research, two-thirds of employees do not feel comfortable talking about their finances at work, despite more than a fifth of people struggling to make ends meet.

The research published by Business in the Community as part of its 2019 Mental Health at Work report states that only 5 per cent of workers believe there is financial support available in their workplace.

More than a quarter of employees (26 per cent) aged 18-29 felt unable to cope financially, the most of any age bracket, and more women (23 per cent) were stressed about their finances than men (19 per cent).

It was also revealed that over a third of workers said they would spend more money if they felt down, particularly younger workers (18 to 29), of whom 44 per cent felt this to be the case.

Alongside the findings of the survey, Business in the Community has produced a toolkit for employers in a bid to help them offer better support to employees struggling with finances.

Their recommendations include engaging senior leaders to understand the experiences of people who may be struggling, identifying the needs of low earners and promoting a culture change so employees feel more comfortable talking about money.

Separate research from Salary Finance found that around 10 per cent of total salary costs are lost through a lack of productivity due to financial concerns.

Nicola Inge, Employment Campaign Director at Business in the Community, said: “Employers need to create the kind of environment that breaks down the barriers around people talking about money to help all their employees.

“We need more employers to take a different approach to their employee benefits packages to make sure that they are meeting the needs of their whole workforce and getting the most value from the benefits they offer.”