At work? Stressed about money? You’re not alone…

A free debt advice provider has conducted a national study into the impact that debt-related mental health problems have on productivity and sick leave in the work place.

PayPlan, which is based in Grantham, Lincolnshire, has conducted a survey of 9,000 people in debt across the UK. The results reveal that 91 per cent admit to feeling stressed about their finances, with high proportions of respondents also acknowledging regular bouts of anxiety (82 per cent), depression (60 per cent), and insomnia (62 per cent) occurring as a result of their financial problems.

Despite the misconception that personal debt only affects those on low incomes, PayPlan has supported individuals at every level of an organisational structure – from junior apprentices to senior members of an executive team.

Over 40 per cent of PayPlan customers on debt management plans earn more than the national average wage of £26,000 per year and 10 per cent of PayPlan customers earn more than £45,000 each year.

With almost nine million people in the UK with serious financial problems, debt-related stress costs employers thousands of working days, resulting in countless hours of lost productivity and millions of pounds a year. 35 per cent of workplace illnesses are attributed to stress, anxiety and depression, accounting for an annual average of 24 sick days per person.

Jane Clack, a money adviser at PayPlan, acknowledges this research proves it’s in a company’s interest to take care of those who may be worrying about paying their bills.

She said, “HR teams in businesses across the East Midlands are well-versed in how to approach and support vulnerable staff, whether they are dealing with bereavement, relationship issues or illness. But there’s a stigma surrounding financial issues that isn’t helping tackle the problem. As such, potentially millions of employees are struggling with financial issues on their own.”

The Financial Conduct Authority, the financial regulatory body in the United Kingdom, defines vulnerability as ‘someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care’. PayPlan says it is also keen to stress that triggers such as personal characteristics, existing mental health issues, language, or a physical disability are interconnected and can impact on an individual’s financial situation.