Recession causing more absenteeism
Recession causing more absenteeism
More than eight in ten employees feel anxious over their personal finances, research by AXA has found, so much so that 1.4 million* Britons have taken time off work in the last 12 months as they struggle to cope.
The study reveals that 24.6 million Britons feel some degree of anxiety over their financial position, and - crucially for employers - more than 10 million admit their financial worries are affecting their performance.
Key findings from the report, were based on questions from AXA's HR tool for employers, the online questionnaire which enables employees to assess their financial stress include:
Four million (five percent) admit they have taken time off work in the last 12 months as a result of money worries Seven in ten admit they spend time at work worrying about their finance, with almost a third (31 percent) spending up to 15 minutes a day worrying.
More than 10 million (35 percent) believe financial concerns are preventing them from performing their best at work. 1.2 million (four percent) spend more than four hours a day feeling anxious The most pressing concern for most is repaying debt or bills. A fifth of 18-24 year-olds drink alcohol to take their mind off their financial concerns.
35 percent are pessimistic about the economic recovery. This could explain why they feel the need to change their financial behaviour: 55 percent revealed they will save more, rising to 75 percent in 18-24 year-olds. 56 percent do not set aside any dedicated time a month to manage their finances
The research shows that financial stress has a negative effect on employees' productivity and AXA believes that employers can and should do more to help reduce this stress. Initiatives such as allowing employees just 15 minutes a week to manage their finances can help enormously.
30 October 2009
Created on: 30-Oct-09 10:55
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