Money worries affecting workplace performance

Many employees are under-performing at work or taking time off because of financial concerns.

According to the Building Societies Association (BSA), nearly one in four working Brits (22%) say money worries have negatively affected their workplace performance.

Meanwhile, almost one in five (19%) say financial concerns have led to them falling ill and having to take time off.

This is particularly common among younger adults, with a third (33%) of employees aged between 18 and 24 saying they’ve taken sick days because money worries made them ill.

People who are worried about money have been urged to try to put more into savings, so they have a safety net in place for when unexpected events happen.
 
Andrew Gall, the BSA’s head of savings and economics, said: “Whether it’s £1 or £100, every pound put into savings helps to build peace of mind, long-term resilience, and better mental wellbeing.”

However, BSA figures show that more than one in ten UK adults (12%) have no savings at all.

Meanwhile, over a quarter (27%) have less than savings, and more than a fifth (21%) don’t think they could cover a £300 unexpected expense.

More than of British adults (52%) would describe themselves as a saver.

But when asked how much they put aside, most admitted they could save more.

More than eight in ten (81%) said they could save an extra £10 a month if they wanted or needed to.

And that includes nearly half (47%) of people who don’t currently have any savings at all.

Young adults in particular feel they could be putting more money aside.

Figures showed that nearly nine in ten (89%) of 25 to 34-year-olds believe they could save more each month.