A study of 2,600 UK employees by Champion Health revealed worries about money and the cost of living more intense than ever.
A new report shows in the past eight months financial woes have overtaken relationships as the leading cause of stress for employees.
Data released global employee wellbeing platform Champion Health provides an insight into how the cost of living is affecting the mental health and wider wellbeing of the country’s working population between since October last year.
Harry Bliss, CEO and Co-founder of Champion Health, said, “The last six months have been extremely tough on every employee and I’m extremely concerned by the results of this report. Just as the world began to return to something resembling normality, new global crises have emerged, resulting in increased stress on the wellbeing of our people.”
The report revealed that those experiencing financial stress are more than twice as likely to experience thoughts of suicide or self-harm.
It’s also affecting productivity at work. More than one in ten employees say financial stress is hindering their ability to perform their job.
Bliss added, “We need to see a significant step-up in the amount of investment made not only in improving financial wellbeing, but employee wellbeing too. As the data shows, financial wellbeing, mental health and physical health are all intrinsically linked. I call on leaders to address these challenges holistically, through a personalised approach for each employee.
“At its most extreme, those experiencing financial stress are more than twice as likely to experience thoughts of suicide or self-harm. This alone must galvanise businesses to act. Companies can help to turn this dangerous pattern now. It’s not just a business challenge, this is a moral challenge too.”