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Is Financial Stress Detrimental to the Health of Working Brits?
In today’s tumultuous political and economic climate stress levels over personal financial security are on the rise. New research from online pension advice experts Wealth Wizards indicates a strong correlation between poor financial health and reduced emotional and physical wellbeing.
Unfortunately, this appears to occur in somewhat of a vicious cycle. Almost forty per cent of UK workers reported their current financial situation to be poor and over two thirds (70%) feel that their physical and emotional wellbeing is negatively impacted when they are in poor financial health. One in three (36%) of workers think their financial situation currently causes them even more stress than their physical health, and almost the same number (34%) think this will continue into retirement. A further sixty-two per cent are already worried about not having enough money when they retire.
Perhaps surprisingly, the research also revealed that over half (58%) of workers judge their financial health to be just as important as their physical health and a further one in ten (10%) believe it to be even more so! However, the link between financial and physical wellness does not always seem to be recognised by employers with one in three (31%) workers reporting that their employer seems to take more interest in their physical health than their financial health.
Phil Blows, Director, Wealth Wizards said: “In one form or another most of us have experienced financial stress at some point in our lives. There can be no doubt that the effect of this can be highly detrimental to many aspects of our physical and emotional wellbeing.
“Our research shows that the number of workers who considered their financial situation to be poor was greater in those who were relying on a state a pension (27%), compared to those who had a workplace pension as well (14%). This illustrates the point that those who plan for their financial future tend to feel better off.
“It is important that employers acknowledge the connection between the physical wellbeing of their employees and financial stress. Processes need to be put in place to help them avoid falling into financial difficulty. While it’s great that many employers build in benefits and measures to make sure that their employees are healthy, it is also important that they acknowledge the evolving spectrum of wellbeing that affects their employees. They can do this by putting basic safeguards in place like giving access to financial advice and a well thought out pension scheme, in addition to more traditional employee benefits.”
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