1 in 4 People ‘Performing Poorly’ in Their Jobs Because of Money Worries
January 12, 2017
As many as one in four people around the UK are performing poorly in their professional roles as a result of concerns about their personal finances.
That’s according to a new research report put together by the Chartered Institute for Personnel and Development (CIPD), a nationwide association for human resource management professionals.
The institute is hoping to see more employers around the UK take action in support of members of their workforces who are struggling to focus on doing their jobs to the best of their abilities because of their worries about money.
The research suggests that roughly a quarter of people are currently underperforming in their professional roles due to money worries but the figure is as high as 31 per cent among 18 to 24-year-olds.
Among the most commonly reported consequences of money problems among professionals was physical fatigue cause by a loss of sleep.
People living in London were found to be more likely than most to find their financial issues interrupting their working lives, with women more likely than men to cite money problems as a hindrance to their professional efforts.
Notably, financial concerns that cause professional problems were not limited to people on low wages and the CIPD’s research suggests that one in five people earning between £45,000 and £60,000 find that their financial worries hinder their workplace performance.
“Today’s businesses need to consider the impact financial worries are having on employee health, happiness and productivity and look at what they can do to help reduce stress levels,” said Charles Cotton from the CIPD.
“Employers not only have a duty of care to their employees but will also see their bottom lines benefit if they invest time in developing a financial well-being strategy and play an active role in supporting staff in this area.
“Financial well-being is a sensitive issue, and employers need to recognise that employees may be cautious about discussing their financial circumstances with their colleagues, but getting the system right will ultimately benefit everybody involved.”
If you live anywhere in Scotland and are finding it difficult to manage your debts and your personal finances then Scotland Debt Solutions can help. You can call us directly to arrange a free and confidential consultation.
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