Recession causing more absenteeism

More than eight in ten employees feel
anxious over their personal finances, research by AXA
has found, so much so that 1.4 million* Britons have taken time off work in the
last 12 months as they struggle to cope.

The study reveals that 24.6 million
Britons feel some degree of anxiety over their financial position, and –
crucially for employers – more than 10 million admit their financial worries
are affecting their performance.

Key findings from
the report, were based on questions from AXA’s
HR tool for employers, the online questionnaire which enables employees to
assess their financial stress include:

Four million (five
percent) admit they have taken time off work in the last 12 months as a result
of money worries Seven in ten admit they spend time at work worrying about
their finance, with almost a third (31 percent) spending up to 15 minutes a day
worrying.

More than 10
million (35 percent) believe financial concerns are preventing them from performing
their best at work. 1.2 million (four percent) spend more than four hours a day
feeling anxious The most pressing concern for most is repaying debt or bills. A
fifth of 18-24 year-olds drink alcohol to take their mind off their financial
concerns.

35 percent are
pessimistic about the economic recovery. This could explain why they feel the
need to change their financial behaviour: 55 percent revealed they will save
more, rising to 75 percent in 18-24 year-olds. 56 percent do not set aside any
dedicated time a month to manage their finances

The research
shows that financial stress has a negative effect on employees’ productivity
and AXA believes that employers
can and should do more to help reduce this stress.  Initiatives such as allowing employees just
15 minutes a week to manage their finances can help enormously.

30 October 2009