The cost-of-living crisis is negatively affecting most UK employees, a study has found.
Research commissioned by Unum revealed that this year’s figure of 86% was a 9% increase from 2022, when 77% of workers reported the same.
The employee benefits provider’s survey of more than 3,000 part-time and full-time staff highlighted that 46% of people worry about finances every day, while 45% are trying to cut costs by limiting their heating and 37% believe their financial worries are making them feel physically drained.
Carried out by Censuswide, the research also revealed that the crisis is impacting employees’ mental wellbeing too, with many suffering from depression and feeling isolated, cited by 21%, and 18% withdrawing socially.
Nearly two in five (39%) of respondents admitted they were trying to save money by eating less or opting for less healthy choices.
Jane Hulme, HR director at Unum UK, said: “Our research has once again highlighted without question the immense toll that the cost-of-living crisis continues to have on employees’ mental and physical wellbeing.
“In the face of these statistics, businesses have a crucial role to play in mitigating the financial consequences their employees are experiencing. In creating a culture where employees feel comfortable discussing personal worries with their employer and proactively signposting them towards early intervention support, all underpinned where possible by comprehensive benefits packages, employers of all sizes have a unique opportunity to help alleviate financial stress and cultivate a happier, healthier, and more productive workforce.”
