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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email: info@credit-union.coop

Wed 16-Aug-2017
NewsMoney worries linked to mental health
Print
20 June 2017
Money worries linked to mental health

New research from the Money and Mental Health Policy Institute shows that money worries can affect mental health and performance at work.

The report entitled Overstretched, Overdrawn, Underserved: Financial difficulty and mental health at work found that over two thirds of employees who are struggling financially report at least one sign of poor mental health that could affect their ability to function at work – which means that almost one million British workers are in this position. The analysis also found that people with money worries are 50% more likely to show signs of poor mental health than people who feel comfortable about their finances.

In addition to struggling with sleep, concentration and productivity, employees in financial difficulty also reported particular issues with workplace relationships and juggling the demands of multiple jobs or managing financial administration during work hours.

The report shows that there is also a noticeable difference in the symptoms of poor wellbeing among employees who identified themselves as “just about managing” financially, suggesting that even a less intense financial strain can have an impact on both wellbeing and productivity.

Director of the Money and Mental Health Policy Institute Polly Mackenzie said: “Worrying about making ends meet can pervade every aspect of life, from our relationships, to our sleep, so there’s no wonder it’s affecting our performance at work. The good news is that there are practical, and achievable, things that employers can do to invest in the financial wellbeing of their workforce, improving both their employees’ mental health and their own bottom-line.”

The report recommends that employers should boost their employees’ financial security by providing both savings schemes and short-term loans through payroll, allowing a lower rate of interest to be offered and helping employees to avoid fees and charges.

Helen Baron, President of the Credit Union, said: “This new research demonstrates that improving people’s financial wellbeing is not only good for employees, but good for employers and for the wider economy too.

“By partnering with the Credit Union, employers can provide their staff with easy, regular savings and affordable loans, repaid direct from salary or wages, which can play a big part in improving financial health.

“The Credit Union already works with a number of local and national employers and we hope that many more will take up the opportunity to provide fair and affordable financial services to their employees.”

Click here to find out more about setting up an employer payroll deduction scheme.


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