The cost-of-living crisis in the UK is taking a toll on workers’ mental and financial health.
- Nuffield Health’s survey highlights significant financial health declines among employees.
- Women and lower earners are disproportionately affected by financial stress.
- Industries like Sales, Media, and Healthcare report the most impact on mental health.
- Employers urged to enhance workplace support and financial wellbeing initiatives.
The recent survey by Nuffield Health illuminates the growing impact of the cost-of-living crisis on the mental and financial health of UK workers. With 38.24% of full-time workers and an even higher 42.69% of part-time workers experiencing worsened financial health compared to previous years, the situation appears dire. Moreover, 62.56% of full-time and 60.81% of part-time employees have reported a decline in mental and physical health due to financial strains.
A gender disparity is evident as women report higher financial stress levels, with 64.38% acknowledging that these issues negatively affect their mental health, compared to 53.40% of men. This increase is significant compared to last year’s data, where 50.65% of men acknowledged financial stress impacts. The disparity highlights an urgent need for targeted support strategies.
Financial stress is further exacerbated by salary disparities, particularly affecting those earning less than £25,000 annually. The survey finds 66.17% of individuals earning under £15,000 and 64.16% of those earning between £15,001 and £25,000 report adverse effects on their financial health. Geographically, Northern Ireland leads with 63.68% of respondents feeling impacted, followed by the North East and Wales.
The impact varies across industries, with Sales, Media, and Marketing reporting the highest concerns, where 75.76% of employees suffer from mental health issues tied to financial problems. Healthcare and sectors like Architecture, Engineering, and Building also show significant mental health impacts. These findings urge a reevaluation of employee support systems, emphasizing the promotion of financial wellbeing.
Gosia Bowling from Nuffield Health underscores the importance of strategies like pay equality, equal opportunity for promotions, and fostering a transparent workplace culture. Such measures are essential to alleviate employee stress and promote a healthy work environment. Offering access to external financial and emotional support resources is highlighted as a critical component in addressing these issues.
The survey underscores the pressing need for enhanced support and strategic initiatives to mitigate financial stress and its impact on mental health in the workplace.
