Around 38.24 per cent of full-time and 42.69 per cent of part-time workers feel their financial health has declined compared to previous years, according to Nuffield Health.
Additionally, 62.56 per cent of full-time and 60.81 per cent of part-time employees said that financial changes or growing living costs impacted their mental and physical health the previous year.
Mind noted that being unable to afford necessities like food, fuel, and housing can contribute to mental health problems.
Women were particularly affected, with 64.38 per cent reporting that the expense of living influenced their mental health, compared to 53.40 per cent for men.
Men’s concerns about the expense of living have deteriorated, with 53.4 per cent expressing a negative impact on their mental health this year, up from 50.65 per cent in 2023.
Salary was a major factor in financial problems, with 66.17 per cent of those earning less than £15,000 and 64.16 per cent earning between £15,001 and £25,000 having poor financial health.
Meanwhile, Northern Ireland was the greatest afflicted by cost-of-living worries, accounting for 63.68 per cent, followed by the North East (62.58 per cent) and Wales (60.98 per cent).
Sales, media, and marketing are the industries most affected, with 75.76 per cent of employees reporting poor effects on mental health as a result of financial strain. The Healthcare sector came in second with 65.46 per cent, followed by Architecture, Engineering, and Building with 63.88 per cent each.
Nuffield Health’s national lead for emotional wellbeing Gosia Bowling shares what managers can promote in the workplace to support financial health and, inevitably, improve mental health
Bowling highlights that pay equality and clear promotion paths reduce financial stress and boost job security. She also stresses that a transparent workplace culture, combined with access to personalised support like EAPs and CBT, helps employees manage stress and avoid burnout, creating a more supportive work environment.
