Survey highlights money worries

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.