The research comes to light according to a new survey of more than 1,800 UK employees published by the CIPD and Close Brothers Asset Management, highlights why organisations need to be doing more to promote and support financial well-being in a fast-moving political climate.

The number reporting problems rises to a nearly a third (31 per cent) among 18-24 year old’s, and those living in London (32 per cent).

60 per cent of Londoners are also more likely than the UK as a whole (38 per cent) to value being able to save for the future.

The problem is not limited to low earners either, with one in five (20 per cent) of employees earning £45,000 to £59,999 saying that financial anxiety has affected their ability to do their job. Meanwhile, women are more likely than men to report that money worries are affecting their work, with nearly three in ten women reporting the problem, compared with less than one in four men.

Charles Cotton, reward and performance adviser at the CIPD:

“Employers not only have a duty of care to their employees but will also see their bottom lines benefit if they invest time in developing a financial well-being strategy and play an active role in supporting staff in this area. Today’s businesses need to consider the impact financial worries are having on employee health, happiness and productivity and look at what they can do to help reduce stress levels.”
Physical fatigue caused by lost sleep worrying about money is the most common explanation for how financial concerns have impacted people’s productivity, with one in five employees reporting this.
Whilst obviously earning a higher wage was cited as a top solution, other solutions chosen included being rewarded in a fair and consistent manner (41 per cent), pension input (26 per cent), and being given opportunities to develop and progress in their career (20 per cent).