These worries don’t just come to those on lower salaries. Those who earn between £10,000–£30,000 annually have almost the same level of financial worries as those earning over £90,000. Senior job roles also tend to result in financial concern: 33% of C-Suite executives, 38% of directors and 30% of managers and team leaders report having money worries.
This has an impact on business, too. The current level of financial concern costs organisations up to 29 productive days annually. More money is needed for recruitment and training, which in turn costs the organisation up to 17% of the individual’s salary.
Asesh Sarkar, Salary Finance CEO and Co-founder, says: “Covid-19 has highlighted that there is some way to go in creating equality in a diverse workforce, as measured by the impact on financial wellbeing. This simply accelerates the need for employers to prioritise financial wellbeing in the workplace, which has moved from a ‘nice to have’ to a ‘must have’.”
At Legal & General, we believe that trusting your employer and feeling that they care for your wellbeing have never been more important. While lots of companies provide long-term financial planning solutions, these tend to help those who are already financially healthy, leaving those who are struggling alone and worried. “There are lots of people who are struggling day to day and need help to get back in control of their finances before they can even start to think about the long term,” explains Sahni. “Employers need to offer inclusive financial wellbeing benefits that serve the needs of all their employees.”
Download the Salary Finance report here.