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Three in five workers affected by money worries

More than half have to borrow money to meet basic financial needs

Financial worries are the top concern of UK employees, with three in five individuals feeling the strain this year, research shows.

People are also worrying about their later life and retirement, which is their second biggest concern, according to Neyber’s third annual DNA of Financial Wellbeing report.

Just over half (52%) have to borrow money to meet basic financial needs, the poll of 11,000 employees and 720 employers found.

The survey suggests financial worries are taking a toll. One in three employees have felt stressed, one in three have felt anxious, one in four have lost sleep and one in five have felt depressed.

Monica Kalia, chief strategy officer and co-founder of Neyber, said although money worries do decrease with income, 46% of employees earning over £70,000 per year are stressed or anxious too.

Conversely, 70% of employees earning £10,000 to £19,000 are impacted, the highest of the earning groups.

A large proportion of employees are struggling just to get by from payday to payday and are relying on debt to make ends meet. The poll found 27% use credit cards to get by and just 2% borrow from their employer, perhaps through a loan or payroll lending.

Of those with no savings, 80% have debt to repay.

One in four people said they would be able to cover their regular expenses for less than a month if they lost their income.

“Providing support that is relevant to the differing needs of employees is an important part of an employer’s support. Financial wellbeing is not just about paying off debt, but about ensuring employees feel in control and confident about their future as well,” said Kalia.