Covid has had an unprecedented effect on the UK economy and the country’s struggles have been much reported, but individual security has seen less publicity. However, personal debt is rising, and many households are facing financial difficulty, especially those with unsecured debt. In addition to the personal turmoil, employees struggling with money will not have their usual focus on work and employers may find that standards slip and output suffers.
David Williams, head of group risk at Towergate Health & Protection, says: “There can be little doubt that many employees are concerned about money and their financial future. Money worries are a major cause of depression and anxiety, and trying to control finances is time-consuming, all of which can have a big impact on productivity.”