Businesses are being urged to act after a report revealed that 78% of UK employees are still worried about the cost-of-living squeeze – but almost half wouldn’t tell their boss.
The Britain At Work report, published by Health Shield Friendly Society, reveals that four years since the crisis began, people are still suffering across all wage brackets.
It suggests that although inflation has fallen from a high of 11.1% in 2022 to 3% this year, employees remain anxious and impacted.
The overall number of employees worrying has dropped since last year’s report, from a high of 89%, but nearly four-fifths remain concerned.
In fact, 45% say they are more worried, or much more worried, about the cost of living than last year.
The survey also revealed how these anxieties are impacting the workplace:
- 54% say the cost of living has impacted their ability to do their job – up from 48% last year
- 16% say they have skipped work due to the cost of living
- 33% worry about money every day – and 68% worry at least every week
- 54% earning less than £25,000 worry about money every day
- 44% fear they may lose their job
An additional challenge for businesses is understanding how much their people are suffering – when employees are not always open about their troubles or convinced that their employer wants to help.
The report says:
- Less than half of employees – 46% – would tell their employer if they were struggling financially. For women, the figure was just 41%
- Less than half of employees – 49% – think their employer cares about the impact of the increased cost of living.
Paul Shires, director at Health Shield said: “These figures should be a wake-up call for businesses that employees across the country continue to need help and support, despite a perception that the cost-of-living crisis is somehow over.
“The reality is that many people are still suffering, still feeling anxious and finding that financial worries are impacting their performance at work.
“It’s important that businesses and HR teams are proactive, because our results also show that many employees are reluctant to tell management about their problems.
“Exploring employee benefits which help employees fund and access to both physical and mental health – including health cash plans, wellbeing services and employee assistance programmes – is a good start.”
With a wide range of household bills rising in April, from water and energy bills to council tax and car tax, anxiety is unlikely to abate in the near future.
Paul added: “Many businesses introduced emergency support packages during the cost-of-living crisis, but the Britain At Work report suggests employees may require longer-term support.”
Perry Timms, an HR influencer who is founder and chief energy officer of PTHR,said:“This report should be a stimulus to all organisations to act. It shows that we cannot ignore the detrimental impacts of financial worries on our people.
“The statistics highlight that employees remain frightened (at worst) or distracted (at best) because of the cost of living. This will inevitably have an impact on how they show up at work and strive to perform.
“Businesses should be listening, engaging and considering how to 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/
