The green shoots of economic recovery may now be growing into healthy saplings, but many workers are still struggling to feel the economic recovery in their personal finances.
31 percent of British workers, a new survey from CareerBuilder.co.uk has found, say they always or usually live paycheck to paycheck to make ends meet. An additional 30 percent are forced to live paycheck to paycheck sometimes, while only one fifth (21 percent) of workers never find themselves in this situation.
When broken down by gender, women are more likely than men to report living paycheck to paycheck, with 36 percent of women compared to just 25 percent being forced to live in such a manner. While 44 percent of employees attempt to stick to a monthly budget, 12 percent report they have missed payments on utility bills and 3 percent have missed payments on mortgages.
“The majority of workers feel more responsible since the recession, commented Scott Helmes, managing director of CareerBuilder UK on the figures. Many people are still struggling to make ends meet. If workers are worried about their finances, it can lead to increased stress and anxiety.”
“Because these financial worries can also begin to affect morale and productivity, employers may want to consider offering financial planning resources, such as complimentary webinars, classes or coaching sessions to help employees ease their financial burdens,” Helmes concluded.
The vast majority of workers have taken some sort of action to make ends meet financially. Nearly half have cut back on leisure activities (48 percent) and nearly half are opting to use coupons and discounts to help balance their household accounts.