In February 2021, PayDashboard surveyed over 2,000 full and part-time workers to gauge the impact of Coronavirus on their personal finances.
The staggering results prompted a series of radio interviews with Laura Hughes, our Head of Wellbeing. In this interview, Laura sat down with Dr Serra Pitts, Clinical Director and Associate Fellow of the British Psychological Society with Wycombe Sounds' Bob Johnson to provide detail on the findings of the report.
You can listen to the full 12-minute interview here:
As discussed in the interview, the Money on our Minds employee financial wellbeing survey revealed some staggering statistics:
• 8 in 10 worry about their finances
• 57% say that these worries have had an effect on their physical health
• 49% say their mental health has taken a blow
• 62% haven’t received any financial advice or support from their employer
• 18-34-year-olds have been the most impacted, with 84% stating that financial worries are having a negative and potentially harmful impact on their health
Covid-19 has caused many to suffer financially, with job losses, reduced hours and furlough all contributing to the cash crisis facing the nation with 8 in 10 Brits saying they worry about their finances.
70% blame their money worries on the pandemic, with a third having reduced pay, 28% facing job insecurity, while 1 in 10 say their business has had to shut down due to the pandemic, according to a new report from PayDashboard.
The continued money worries have led to a nation on the brink, with 49% saying their mental health has been impacted by their worries, whilst two thirds say their physical health has taken a hit.
Loss of sleep (48%), becoming more anxious (46%) and becoming depressed (35%) are common among those who have been affected mentally or physically. Whilst 17% have turned to drinking more and almost 1 in 10 have been signed off sick from work.
It seems that for half of the nation (52%) there could be no end in sight to their money worries as they don’t know how they would improve their finances. Furthermore, 18% are unsure where they or how they can access free financial advice.
PayDashboard are calling on employers to step up and help deal with the money crisis facing their employers by offering help and advice. This comes as the research shows only 9% have received substantial advice, while 62% haven’t received any advice or support.
PayDashboard's scalable, cloud payslip solution is the first step towards improved employee financial wellbeing. The interactive and intuitive platform provides a hub of financial guidance, products, services and tools to enable employees to take charge of their finances and improve their wellbeing. The payslip is the ultimate financial engagement touchpoint for employers wishing to offer more support to their employees, and is a simple, cost-effective way to provide employee benefits and rewards.
If you would like to know more about how PayDashboard's cloud payslip can enhance employee wellbeing, get in touch with us directly and we'd be happy to have a quick chat. Alternatively, you can book a demo at a date and time that is suitable for you. We look forward to being able to assist you!