Workers in HR and recruitment are the most affected by financial stress compared to other industries, according to research by Claro Wellbeing.
The entire workforce in these professions surveyed – 100% of employees – say money worries impact their work performance, with almost one in four (23%) saying it affects their job all the time. Many recruitment staff work on commission-based pay structures and start on low salaries, leading to uncertainty around income.
Those working in the tech industry are the second most impacted by financial stress with 85% of workers saying it affects their job. Funding for European startups has reportedly been slowing down, which could be increasing the pressure on employees.
Meanwhile in media, which comes with its own risk of regular company restructures and financial insecurity, almost one in eight (78%) employees say their work performance is impacted by money worries, with more than one in 10 saying this is the case all the time.
Perhaps surprisingly those working in finance or business are not without their own financial concerns, despite high-salaries and having jobs which involve managing money.
More than three-quarters (77%) of employees in banking and finance, and business management say their anxiety about money affects their efficiency at work, with 20% and 28%, respectively, saying it does so all the time.
According to Claro’s Workplace Today report, which surveyed 1,300 working adults around the UK, 29% say struggling to pay off debt is their main cause of anxiety, while 27% say not having an emergency fund has been their number one worry.
As the cost-of-living crisis continues, households are under increasing pressure to adjust their budgets to ensure they can cover the increasing cost of food, energy, and fuel, as well as having enough saved for a worst-case scenario.
And those on higher salaries are not immune from anxiety caused by soaring costs. In fact, 35% of those earning £150,000 or more say money worries affect their work all the time compared to 13% of workers on salaries between £40,000 and £49,000.
Stacey Lowman, Head of Employee Wellbeing at Claro Wellbeing, says: “Our research shows that people across all industries worry about their finances even in jobs where money is central, such as banking, or those that typically offer higher salaries. These results may challenge our current assumptions and biases about financial resilience among certain groups of people, which can stop them getting the support they need.
“The impact of financial stress on workers’ mental and physical health – from new graduates to senior management – is unquestionable, as is the knock-on effect it has on their employers.
“Supporting staff financial wellbeing is just as important as supporting their mental and physical health – in fact, all three are linked. A good financial wellbeing strategy is not one-size-fits-all – it needs to be inclusive and offer tailored guidance to your employees at whatever age and stage of their career. This could include one-on-one financial coaching, interactive sessions based on your team’s needs and a wide range of on-demand courses.
“With the cost-of-living crisis at the top of everyone’s minds and financial strain at an all-time high, companies simply can’t risk not prioritising the financial health of their employees this year.”
