Peter Crush, award-winning HR journalist and editor, discusses financial worry and the impact it has on employees.

1. Peter Crush, award-winning HR journalist and editor,
discusses financial worry and the impact it has on
employees.
WHY FINANCIAL WORRY
EQUALS POOR
PRODUCTIVITY

2. "IT WAS CHARLES DICKENS WHO
FAMOUSLY WROTE...
“ANNUAL INCOME TWENTY POUNDS,
EXPENDITURE NINETEEN [POUNDS]
NINETEEN [SHILLINGS] AND SIX [PENCE],
RESULT HAPPINESS. ANNUAL INCOME
TWENTY POUNDS, ANNUAL
EXPENDITURE TWENTY POUNDS OUGHT
AND SIX, RESULT MISERY...

3. AND IF BY MISERY, DICKENS MEANT
‘WORRY’, IT SEEMS VERY LITTLE HAS
CHANGED. TODAY, FINANCIAL WORRY
HAS ALMOST BECOME A NATIONAL
PASTIME.

4. SLOW WAGE GROWTH
HAS CONTRIBUTED TO
THE AMOUNT PEOPLE
SAVE BEING
SQUEEZED HARD,
WITH WORKERS
PUTTING ASIDE JUST
4.4% OF THEIR
DISPOSABLE INCOME
50%
– HALF WHAT IT WAS FOUR YEARS AGO.

5. ALL TOLD, AROUND A THIRD OF EMPLOYEES
HAVE JUST ONE MONTHS’ INCOME TO RELY
ON FOR A RAINY DAY, WITH 50% HAVING
LESS THAN TWO MONTHS’ INCOME IN
SAVINGS.

6. NOT SURPRISINGLY, IT’S CAUSING
EMPLOYEES TO FRET ABOUT THEIR
FINANCES. EARLIER THIS YEAR THE SOCIAL
MARKET FOUNDATION (SMP), REVEALED
27% OF STAFF DESCRIBED THEMSELVES AS
‘AT THE TIPPING POINT’ FINANCIALLY...

7. ...WHILE 40% SAID MONEY CONCERNS
HAD BEEN A SOURCE OF STRESS FOR
THEM OVER THE LAST 12 MONTHS.

8. AS EARLY AS 2014 BARCLAYS
SUGGESTED THAT ONE‐IN‐FIVE STAFF
ACTUALLY LOSE SLEEP OVER MONEY
PROBLEMS (WITH ALL THE SERIOUS
PRODUCTIVITY IMPLICATIONS THAT
GO WITH SLEEP DEPRIVATION)

9. WHILE WORSE STILL IT FOUND 20% OF
STAFF THOUGHT THEIR MONEY WOES
WERE AFFECTING THEIR WORK. IT
CALCULATED THE IMPACT OF THIS
LOST PRODUCTIVITY TO BE A 4%
REDUCTION IN THE BOTTOM LINE

10. RATHER THAN EMPLOYERS DISMISSING
THESE STATISTICS AS ANOTHER ASPECT OF
PEOPLE’S PERSONAL LIVES ENCROACHING
INTO THE WORKPLACE, THESE SOBERING
STATISTICS REALLY OUGHT TO BE A
SERIOUS WAKE‐UP CALL INTO WHAT STAFF
WANT FROM THEIR EMPLOYER, BECAUSE
TIMES REALLY ARE CHANGING

11. BRITAIN HAS LONG LAGGED BEHIND IN
THE PRODUCTIVITY RANKINGS, BUT
WITH THE LINK BETWEEN PERSONAL
WELLBEING AND CORPORATE
WELLBEING NOW BEYOND DEBATE,
OFFERING STAFF SOME FINANCIAL
AWARENESS REALLY COULD BE ONE
OF THE BEST PERKS EMPLOYERS CAN
OFFER."
‐ Peter Crush

12. FOR MORE ABOUT HOW WE CAN HELP YOUR
EMPLOYEES WITH COST‐EFFECTIVE AND
REGULATED ADVICE, FIND OUT MORE ABOUT
PENSION WIZARD
READ THE FULL ARTICLE ON OUR BLOG
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