Financial pressure has become leading cause of stress amongst UK employees, Sheffield firm finds

The study gathered data from 2,600 UK employees over the last eight months, and found that 34 per cent are now experiencing some form of financial stress, and that 77 per cent are experiencing moderate to high levels of stress more widely.

Harry Bliss, CEO and Co-founder of Champion Health, noted that while the findings were worrying, the data helped highlight the importance of financial wellbeing, and its effect on overall wellbeing. He added that the findings should jolt leaders and businesses to take the wellbeing of their teams ever more seriously.

Bliss 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.

“What we’re seeing is a workforce under continuous pressure, both financially and mentally. From the rising cost of living to the long shadow cast by a new war in Europe, organisations must do more to support their people.”

Links were also drawn between financial worries and mental health issues, as the report found that professionals experiencing financial stress are more than twice as likely to experience thoughts of suicide or self harm.

The study also found that over half those with clinical depression experienced financial stress.

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.”

Data also revealed that female employees are 33 per cent more likely to experience financial stress than male employees.

Younger employees are also twice as likely to be affected by stress than older colleagues, with 35 per cent of those in the 25-34 age bracket citing finances as a cause of stress.

The report cites research from Aviva’s Working Lives Report 2022: The Big Squeeze, which shows that younger employees are more likely to seek support for financial wellbeing.

Champion Health’s report notes that this offers employers the ability to support the demographic most at risk of financial stress.

A link was also revealed between those with a poor relationship with money, and poor wellbeing, with those with an unhealthy relationship with money scoring 20 per cent lower on a validated wellbeing score.

The data was published as part of Champion Health’s Cost of Living Crisis Report, put together by their newly formed Global Wellbeing Advisory Board. Authors of the report also include global head of health and wellbeing for Ocado, Arti Kashyap-Aynsley, and former global head of wellbeing for Reckitt, Andy Holmes.