New research has revealed the need for financial advice in the workplace, with some 20 per cent of employees admitting that their personal money worries impact on their productivity, hrmagazine.co.uk reports.
A study carried out by Barclays Corporate and Employer Solutions: ‘Financial Wellbeing: The last taboo in the workplace?’ discovered that only 35 per cent of employees are financially optimistic about the future. Nearly half of those surveyed said they were worried about their future and 18 per cent regularly lost sleep over their situation.
It also found that the majority of employees have savings that would only last for a fortnight at most, suggesting they are only about to focus on ‘the now’ and not the future. Most worryingly, employees believe that their employer doesn’t care about their financial wellbeing. Although 69 per cent of employers said that they did care, only ten per cent of employees agreed.
Little surprise, then, that 17 per cent of respondents said they would value guidance from their employer regarding their finances. As such, employers are being urged to find ways to help their workforce manage their money. Barclays’ head of workplace savings, Katharine Photiou, said that offering a monthly wage did not equate to finance stability.
“Employers need to broaden their role by helping to improve employees’ capacity and capability to manage their personal finances, through education and guidance, by enabling employees more easily to manage their finances at work and through specific solutions provided in the workplace,” Ms Photiou told employeebenefits.co.uk.
“Talking about money is often seen as a taboo subject, not just in the workplace but in society in general. However, our research shows there is a clear desire from employees for help with managing finances from their employers.”