Money worries cost of living crisis

Almost nine in ten negatively impacted by the cost-of-living crisis

In addition:

  • 46% of workers worry about finances on a daily basis 
  • 45% of UK employees are limiting their heating to save money
  • 37% of UK staff feel physically drained by financial worries

Research from leading employee benefits provider, Unum UK, highlights the staggering impact that the cost-of-living crisis is having on UK workers, revealing that almost nine in ten (86%) are being negatively affected by cost-of-living pressures — a 9 percentage point increase from last year’s figures (77%).

The study, conducted by Censuswide, paints a sobering picture of how cost-of-living struggles are affecting workers with nearly half of respondents (46%) reporting worrying about their finances on a daily basis.

The strain of cost-of-living extends beyond mere financial discomfort. Many employees are grappling with depression and feelings of isolation too, with 37% feeling physically tired and struggling with low energy, 21% feeling depressed and 18% feeling socially withdrawn. 

Perhaps most concerningly, UK workers are being forced to make decisions that may affect their health, with 45% saying they are limiting or switching off their heating and 39% admitting to eating less or making less healthy food choices to make their money stretch further. 

Jane Hulme, HR Director at Unum UK, commented:

“Our research has once again highlighted without question the immense toll that the cost-of-living crisis continues to have on employees’ mental and physical wellbeing.    

In the face of these statistics, businesses have a crucial role to play in mitigating the financial consequences their employees are experiencing. In creating a culture where employees feel comfortable discussing personal worries with their employer and proactively signposting them towards early intervention support, all underpinned where possible by comprehensive benefits packages, employers of all sizes have a unique opportunity to help alleviate financial stress and cultivate a happier, healthier, and more productive workforce.”