A recent survey by AXA found that 70% of people admit to spending time thinking about their finances instead of working, and 5% of employees have taken time off in the last year because of money worries.
Studies show a greater insight into the UK workforce and their financial motivating and de-motivating factors:
- 24% name employee benefits that focus on long term financial welfare as the top motivating factor
- 64% of UK employees have never received any personal financial education
- 44% of UK employees said major life events were the last time that new financial knowledge was gained
- 80% of employees would like help from their employer to understand their finances
- 58% of employees do not expect to have enough income when they retire
But what is the impact on those individuals working in our offices shops and factories?
- 18% of employees often lose sleep worrying about their finances
- 20% said financial worries often interfere with their work
- 46% of employees worry about their finances
- 74% of human resources and benefits professionals said that financial education improves business performance
After taking stock of these figures does it not follow that instead of ignoring the problem, employers should encourage financial education in the workplace? Improved knowledge of financial matters for employees would boost productivity, increase financial understanding, advance employer/employee relations producing a more harmonious workplace environment.