The majority of UK employees, 78 per cent, remain concerned about the rising cost of living, despite inflation dropping from 11.1 per cent in 2022 to 3 per cent this year.
The Britain At Work report from Health Shield Friendly Society shows that 89 per cent, four out of five employees, are still worried about rising costs, while 45 per cent are more concerned now than they were a year ago.
Additionally, over half, 54 per cent, say their job performance has been impacted, up from 48 per cent last year. Meanwhile, 16 per cent have skipped work due to financial stress, and 33 per cent worry about money daily, with 68 per cent worrying at least weekly, while another 54 per cent of employees earning under £25,000 worry about money every day.
The report also found 44 per cent fear losing their job due to financial pressures. While only 46 per cent would tell their employer they are struggling financially.
Health Shield director Paul Shires says: “These figures should be a wake-up call for businesses that employees across the country continue to need help and support, despite a perception that the cost-of-living crisis is somehow over.
“The reality is that many people are still suffering, still feeling anxious and finding that financial worries are impacting their performance at work.
“It’s important that businesses and HR teams are proactive, because our results also show that many employees are reluctant to tell management about their problems.
“Exploring employee benefits which help employees fund and access to both physical and mental health – including health cash plans, wellbeing services and employee assistance programmes – is a good start.
“Many businesses introduced emergency support packages during the cost-of-living crisis, but the Britain At Work report suggests employees may require longer-term support.”
PTHR founder and chief energy officer Perry Timms says: “This report should be a stimulus to all organisations to act. It shows that we cannot ignore the detrimental impacts of financial worries on our people.
“The statistics highlight that employees remain frightened (at worst) or distracted (at best) because of the cost of living. This will inevitably have an impact on how they show up at work and strive to perform.
“Businesses should be listening, engaging and considering how to provide hope and support.”