Companies should be doing more to support the financial wellbeing of staff, with results from a new survey showing one in three struggle to manage their money effectively.
The research, carried out by Aegon shows that 31 per cent of respondents thought that their finances controlled their life, with an even larger number (36 per cent) admitting they would not be able to handle a major unexpected expense – be it replacing a boiler or dental treatment.
The findings also showed that 27 per cent felt “under prepared” for a financial emergency, while two in five (41 per cent) were concerned that their money or savings won’t support them over the longer term.
This research indicates that poor financial management is having an impact on employee’s wellbeing and their decision-making ability, which can result in lower productivity in the workplace.
Aegon’s head of pensions Kate Smith says: “Our research paints a worrying picture of the UK’s financial health.
“There’s certainly a role for individuals when it comes to budgeting and saving for a rainy day, but I believe that employers can be doing more to support their staff with their finances.
“This includes offering better and more frequent financial education in the workplace, improving understanding about managing money and contributing more to employee pensions. With the right tools and support, people can plan their financial future with confidence, paving the way for increased financial wellbeing.”