Employers pushed to offer financial wellbeing support

Employers have been urged to offer financial wellbeing support to help their workforce manage debt.

According to research by Zety, 35% of workers in the UK are either staying in or taking on jobs they don’t want because of debt.

Figures also showed that 5.2 million Brits are taking on second jobs to stay afloat - and that 10 million more would do so if financial pressures continue.

"Debt is no longer just a balance sheet issue, it’s a workforce issue," said Maciej Tomaszewicz, a career expert at Zety. 

"People are climbing out of overdrafts instead of up career ladders."

Zety has described its findings as a “call to action” to employers, career advisers and policymakers.

As well as financial wellbeing programmes to help employees manage debt, it also wants pay to be more closely linked with inflation and living costs.

In addition, it believes more needs to be done to encourage career growth, not just retention, so people aren’t stuck in roles simply to stay afloat financially.

“Work should offer growth, not just a way to pay off yesterday’s bills,” Mr Tomaszewicz said.

“If we want a resilient, future-focused workforce, we need to address the root causes of this crisis.”

The Zety study found that many households across the UK are currently struggling with debt.

For example:

• mortgage arrears went up by 69% in 2024
• credit card usage is on the rise
• almost half of UK adults have some form of unsecured debt
• the average unsecured debt per adult is now £4,232
• 43% of people say they have nothing left after paying for essentials each month

"Financial stress is shaping how people work, live, and plan for the future,” Mr Tomaszewicz added.

“It’s no longer simply about jobs, it’s about survival."