FOR IMMEDIATE RELEASE
Money and Mental Health Comment: New research reveals that one in four
people is performing poorly at work due to money worries
A new report from CIPD and Close Brothers Asset Management, out today, has highlighted the significant impact of problem debt on workplace performance.
The report found that, in a survey of 1,800 employees:
- A quarter of people are suffering with money problems that affect their ability to do their job
- The number reporting problems rises to a nearly a third (31%) among 18-24 year olds, and those living in London (32%)
- One in five employees (19%) report physical fatigue caused by lost sleep worrying about money, which impacts on their productivity
The problem is not limited to low earners either, with one in five (20%) employees earning £45,000 to £59,999 saying that financial anxiety has affected their ability to do their job.
Commenting, Polly Mackenzie, Director of The Money and Mental Health Policy Institute, said:
“Few things affect our mental health as directly or as profoundly as what’s in our wallets. People with debt problems are twice as likely to develop major depression, and are likely to find that their mental health recovery takes longer too. So it’s no wonder that our performance at work is affected when we’re worrying about debts.
“The stigma around talking about financial difficulty can be just as crippling as that surrounding mental health, but it’s important that we start this conversation. Financial difficulties can be resolved, and it’s clear from today’s research that employers have a very vested interested in helping.”
ENDS
Contact: Helen Undy, 07827917829, [email protected] for all media enquiries including interviews with spokespeople.
Notes to Editors
- The Money and Mental Health Policy Institute was set up by Martin Lewis in spring 2016, registered charity number 1166493.
- It conducts research and develops policies for banks, lenders, regulators, the health service and government to help people with mental health problems protect themselves from financial difficulties and get out of debt.
- Polly Mackenzie is the Director of the Money and Mental Health Policy Institute. She was previously Director of Policy for the Deputy Prime Minister, working in Number 10 and the Cabinet Office, from 2010-2015.
- The report was published today by CIPD and Close Brothers Asset Management. For a copy or comment on the research itself contact:
- CIPD Press Enquiries, 0208 612 6400, [email protected]
- Close Brothers Press Enquiries, Team Spirit PR, 020 7360 7855, [email protected]