Do you spend much time fretting about money? If your finances cause you sleepless nights, you’re certainly not alone. Mental health and wellbeing are increasingly under the spotlight. Financial wellbeing is a big contributor, including for those in steady employment.
A Financial Wellbeing Index,* assesses the financial wellbeing of UK employees. It reveals a large number of UK employees are suffering from money worries. Over three quarters (77%) of the workforce say that money worries impact them at work. This figure was even higher for millennials at 87%.
It seems that over a third (34%) of people are not financially prepared for a loss of income or unforeseen costs. Although one of the biggest money worries was coping financially if they lost their job, only 8% of employees have purchased an income protection product.
A large part of financial wellbeing is having the confidence that you can achieve your financial goals. It was therefore surprising to find that 55% of employees do not have a financial plan. 76% of employees also don’t know what tax allowances and reliefs are available to them or have some awareness but are not sure if they are taking advantage of them.
*Close Brothers, Mar 2019
