One in three staff are distracted at work by money worries, says study

Tom Gaynor, Employee Benefits Director at MetLife UK
Tom Gaynor, Employee Benefits Director at MetLife UK
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AROUND a third of British employees are distracted at work by financial concerns, according to a new survey.

The UK Employee Benefits Trends Study 2017, which has been compiled by financial services firm MetLife, reveals that many workers are finding it hard to focus on their job because they are so worried about their finances.

A MetLife spokesman said: “The concern about a lack of financial control is having a major impact - one in three employees say they are distracted at work by financial concerns, rising to 54 per cent among the 18 to 30-year-old group.

“Almost a third of employees say they have had to take time off due to financial worries in the past year – up from just three per cent in 2013.”

The study, which is now in its third edition, found that around six out of 10 employees are worried about job security and concerned about the potential impact on their family. The figure worried about job security has increased from 54 per cent in 2015.

Tom Gaynor, Employee Benefits Director at MetLife UK, said: “We know that less stressed employees are more productive and creative and the business case to improve employees’ financial wellness is more than just a simple act of benevolence.

“Done right, it’s an opportunity to help employees become more focused at work and more engaged with their employers.”

The results also show that the challenges of meeting day-to-day financial obligations are becoming harder, with almost four out of ten (39 per cent) of workers saying they are living from payday to payday, compared with 24 per cent in 2015. This may be partially explained by a sharp rise in the number of workers concerned about credit card debt – up from just over a quarter (27 per cent) in 2015 to 42 per cent in 2017. Family costs are rising too – 41 per cent of employees are worried about the cost of education, compared with 24 per cent in 2015.

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