For Immediate Release

MANY STRUGGLING TO MAKE ENDS MEET

• More than one in five (22%) have borrowed money from family and friends in the last year
• Almost a third (29%) say being in debt is one of their biggest financial concerns this year
• Over a quarter (26%) have worked more overtime, a fifth have taken on debt (20%), and more than one in ten workers have taken on an additional job in the last year (11%)
• Only 9% of workers said they would seek help from their employer if they were struggling with debt
• Debt Awareness Week taking place from the 18^th- 24^thMarch 2024

Employers are being encouraged to support employees who are struggling financially this Debt Awareness Week (18^th - 24^th March), which was created to increase awareness of problem debt and the advice and solutions available to help.

More than one in five UK workers (22%) have had to borrow money from family and friends in the last year because of money worries, and a fifth have taken on debt (20%) - according to new research of over 2,000 workers by WEALTH at work, a leading financial wellbeing and retirement specialist - helping those in the workplace to improve their financial future. Over a quarter (26%) have worked more overtime, and more than one in ten workers (11%) have taken on an additional job.

Workers thought that their biggest financial concerns for the year include not having enough savings for unexpected costs (40%), not being able to save enough for the future (38%), not being able to pay basic living costs such as rent, mortgage payments, energy bills, food etc. (34%) and being in debt (29%).

The weight of this financial burden and debt anxiety has spilt into the workplace. Almost two-fifths (38%) of workers admit that money worries affect their performance at work by causing increased stress levels, mental exhaustion (33%) and decreased motivation (26%).  A fifth (20%) admitted that it led to reduced focus and concentration, and almost one in ten (9%) say it has led them to take more days off work unwell.

 Despite this, fewer than one in 10 (9%) workers would seek help from their employer if they were struggling with debt. Particularly worrying is the fact 16-24 year-old workers are just as likely to seek help from a pay day loan company (13%) as their employer (12%).

Jonathan Watts-Lay, WEALTH at work, comments, "With almost 13 million[1] UK adults facing financial difficulty, many have been forced to look for ways to help ease the strain on their finances.

Many employers recognise the need to help their employees improve the way they manage their money and therefore provide financial education and guidance in the workplace. This can make a huge difference by giving workers the opportunity to understand their finances, including ways to save money, learn about budgeting, manage debt, and how to boost savings and prepare for retirement."

He continues, "With so few people saying that they would seek help from their employer, the onus is on employers to remove the stigma around money worries and offer easily accessible support to all staff. Through financial coaching many people discover important financial lessons that make a considerable difference to their finances and overall wellbeing which in turn can lead to increased productivity and less absenteeism in the workplace."

Ends

Research for WEALTH at work was carried out online by Opinion Matters throughout 14.02.20224 - 16.02.2024 amongst a panel resulting in 2,036 UK workers.

Notes to editors:

WEALTH at work is a leading financial wellbeing and retirement specialist - helping those in the workplace to improve their financial future. Established in 2005, our financial coaches work with hundreds of organisations across both the private and public sector by providing financial education and one to one guidance. This can be arranged on a bespoke basis and covers a full range of topics. For those wishing to understand their personal financial situation, support is also provided through our helpline. At this point, we can provide access to a savings platform (which can be linked to payroll) or provide regulated financial advice. Our advice servicesupports those who need specific recommendationswhich is particularly useful for those at retirement.For more information, visitwww.wealthatwork.co.uk

For further information, please contact the WEALTH at work press office on 0151 255 3468 or 07766785831 or emailrachel.d.alderton@wealthatwork.co.uk

Connect on social:@WEALTHatwork
Jonathan Watts-Lay

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WEALTH at work is a trading name of Wealth at Work Limited which is authorised and regulated by the Financial Conduct Authority and is part of the Wealth at Work group. Registered in England and Wales No. 05225819. Registered Office: Third floor, 5 St Paul's Square, Liverpool, L3 9SJ. Telephone calls may be recorded and monitored for training and record-keeping purposes.

[1]https://www.fca.org.uk/publications/financial-lives/financial-lives-survey-2022-key-findings