Wales On Sunday

Survey highlights money worries

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ONE in 20 (5%) employees say they would not be able to cover their living costs for one week if they lost their main source of income, according to a report.

One in six (15%) would not be able to last a month, the research from the Building Societies Associatio­n (BSA) found. More than six in 10 (61%) adults who are employed said they find their bills and credit commitment­s a burden.

More than one in four (27%) employees generally said money worries have affected their ability to do their job, rising to 55% of those who would not be able to cover their living expenses for a month if they lost their income and 63% of those who find bills a heavy burden.

Nearly two-thirds (62%) of workers feel employers should care about their financial well-being, but only just under a quarter (24%) think their employer actually does.

This financial well-being gap is particular­ly likely to be significan­t for employees working in larger organisati­ons; those in media, marketing, PR sales and education; younger employees; and those with low financial resilience.

More than 2,000 people were surveyed for the BSA’s report.

The BSA acknowledg­ed that people will not be able to save any money in the coming months amid the cost-of-living squeeze.

But it said introducin­g a workplace savings scheme for those who are in work could be one way for employers to help staff improve their longer-term financial wellbeing.

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