Debt Awareness Week: Employers are stepping up for the financially stressed
March 18 – 24 is the week employers are urged to help staff who are stuck in a debt‑or‑spending‑tight situation. The campaign was set up to shine a light on problem debt and point people toward useful advice and solutions.
What the numbers say
- 22 % of UK workers had to borrow from family or friends in the last year because of money worries.
- 20 % actually took on new debt.
- 26 % clocked extra overtime.
- 11 % picked up a side gig.
When staff were asked what gnaws at them most, the top bets were:
- 40 % are worried about lacking savings for the unexpected.
- 38 % fear they can’t save for the future.
- 34 % worry about paying rent, mortgage, energy, food and the list goes on.
- 29 % are concerned about debt itself.
The workplace toll
Nearly 38 % admit that money worries ripple into lower performance – higher stress, mental exhaustion and dwindling motivation. 20 % complain of losing focus. And 9 % say their stress pushes them to take more sick days.
Seeking help: What’s the verdict?
Despite the chaos, only 9 % of workers would turn to their employer for help. The most worrying tidbit? Those aged 16‑24 are equally likely to reach for a pay‑day loan (13 %) as they are to ask their boss (12 %).
From some sharp voices
Jonathan Watts‑Lay of WEALTH at work points out that “almost 13 million UK adults are grappling with financial difficulty” and many employers are now offering financial literacy at work. “If staff can understand budgeting, debt‑management and how to boost savings, it could mean a lot more productivity and fewer days off,” he says.
There’s a case to be made for a job‑site that isn’t just about promotions and projects – it’s also about paying close attention to the balance sheets of the people on the payroll.
