The Reward & Employee Benefits Association (REBA) in association with WEALTH at work has launched its new workplace Financial Wellbeing Research 2022, with responses from nearly 300 companies representing around 1 million employees.
Nearly half of adults (47%) say that money worries affect their life, yet 49% say their employer does not do anything to help them understand their finances.
Young people hit hard, as they spend, on average, double on essentials like rent or bills than people aged over 51.
The Association of British Insurers found an estimated 1.6 million pension pots are sitting unclaimed because they’ve been simply lost or forgotten about.
Jonathan Watts-Lay, Director, WEALTH at work, a leading financial wellbeing and retirement specialist, comments…
The cost of living crisis shows no signs of abating, piling pressure on every type of household after inflation rose by 9.4% in the 12 months to June 2022.
A survey of 2,000 UK adults was conducted by WEALTH at work, a leading financial wellbeing and retirement specialist.
Over two fifths (42%) of UK adults say the increase in the cost of living has meant that they have reduced or stopped any regular savings.
A fifth (21%) of individuals have experienced someone trying to scam them out of their money, savings or investments.
Nearly half of UK adults (47%) say that financial worries impact their life and more than a quarter (26%) say that it makes them feel depressed and anxious, rising to more than a third (35%) of 35-54 year olds.