The CIPD’s survey Financial Well-being: The employee view (2017) finds:
- 19% of respondents are losing sleep at night because they are worried about money. That translates into a negative impact on their ability to concentrate at work and their productivity.
- 30% are also making uninformed financial decisions – they say they don’t use advice or information from any source when weighing up options about saving or spending.
- 58% face barriers to managing their finances, including lack of time, difficulty in understanding financial products and services, only earning enough each month to get by and the hassle involved in taking action to save money by researching products and services.
Within the CIPD’s model of well-being financial well-being and financial education are placed within emotional well-being as part of personal growth.
This highlights the importance of money management in contributing to people’s sense of security and confidence in being able to live comfortably and stresses the opportunity for empowering people to improve their financial affairs.