Financial health as important as physical health say workers

A majority of UK workers think their financial health is as important as their physical health, with 58 per cent thinking financial and physical health are equally important, new research has found.

financial stressThe Populus survey of 2,000 adults found 10 per cent of workers believe financial health to be even more important than physical health.

But the link between financial and physical wellness is not always shared by employers with 31 per cent of workers reporting that their employer seems to take more interest in their physical health than their financial health.

The research found 70 per cent UK workers believe being in poor financial health impacts their physical health, emotional wellbeing and stress levels, with 60 saying they have experienced a great deal of stress over their finances, new research has found.

Furthermore, 62 per cent are anxious about not having enough money when they retire, while 40 per cent report their current financial situation to be poor.

One in three – 36 per cent – think their financial situation currently causes them even more stress than their physical health, and 34 per cent think this will continue into retirement. A further 62 per cent are already worried about not having enough money when they retire.

The survey was commissioned by Wealth Wizards.

Wealth Wizards director Phil Blows says: “Our research shows that the number of workers who considered their financial situation to be poor was greater in those who were relying on a state a pension, compared to those who had a workplace pension as well. This illustrates the point that those who plan for their financial future tend to feel better off.

“It is important that employers acknowledge the connection between the physical wellbeing of their employees and financial stress. Processes need to be put in place to help them avoid falling into financial difficulty. While it’s great that many employers build in benefits and measures to make sure that their employees are healthy, it is also important that they acknowledge the evolving spectrum of wellbeing that affects their employees. They can do this by putting basic safeguards in place like giving access to financial advice and a well thought out pension scheme, in addition to more traditional employee benefits.”