While figures show that unsurprisingly, two in five (39%) workers feel under more financial pressures than usual in November and December as a result of footing the bill for Christmas, a quarter (24%) of workers admit that they will continue to feel a burden on their finances until March.
With the majority of workers (57%) experiencing a heightening of financial pressure during Christmas, many businesses will be unprepared for the impact this will have on productivity. Research shows that a staggering four million days are taken off work each year due to financial concerns, while those who suffer at work say it can cost them up to two hours of output per day.
The research shows workers worry more about money while at work than other key issues, such as family problems and health concerns, with lost productivity as a result of financial concerns costing UK businesses £1.6bn each year.
Kate Smith, Head of Pensions at Aegon, comments: “It comes as no surprise that every family wants a great Christmas which ups the financial strain in November and December but it’s staggering to see that many workers will continue to feel the burden on their purse strings well into the New Year.
“Financial concerns result in days being taken off and money worries consuming hours at work every week. All of this is set to worsen Britain’s productivity problem. Businesses should be prepared to support employees with their financial wellbeing particularly at the start of the New Year. We need a sustained focus on short and long-term financial wellbeing in shops, offices and factory floors across the country.”
To address this issue, Aegon is calling for:
• An increase in awareness among employers of the Government’s £500 allowance for pensions advice for each employee
• A shift in mindset so that financial wellbeing is viewed of equal importance as traditional physical and mental wellbeing
• Greater support for employers to offer financial education for employees and better communicate the benefits they already provide
• Effective tools for employees to plan their financial future with confidence driving positive financial wellbeing for today
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