The Stress of Money in the UK

A recent survey in the UK revealed that only 19 percent of employees are completely satisfied with the amount they are currently being compensated. Even though the UK is enjoying the lowest unemployment rate they’ve seen in decades, it turns out that employees are still struggling to make ends meet.

In this year’s UK Pay Experience Report, a number of alarming factors were published including the statistic that 42% of workers were moderately to extremely stressed about their pay on a regular basis; only one in four workers were completely satisfied about the transparency of payment information provided in the workplace; and only 31% of workers strongly believed that they were being paid fairly based on the overall standards of their industry and region.

Other related research has determined that increasing numbers of workers in the UK are just barely getting by, with an estimated 25% of workers barely surviving from paycheck to paycheck. As a result, workers are experiencing increasing stress that is undoubtedly affecting their mental health and wellness. Adding insult to injury, this report has also shown that most employees feel that their employers do not care about them or their financial wellbeing, with only 18% of the surveyed employees stating that they believe their organization cares very much about their well-being. Although increasing numbers of employers have started to offer employee benefits and wellness programs to their staff, and the main interest of these programs has ostensibly been the physical or mental health of the employee, it is now becoming evident that employers would benefit from also providing their employees with some financial health benefits and resources to educate them and create an opportunity to establish more stability between pay periods.

The stress of this uncertainty of survival between pay periods has also led to more employees willing to jump to another organization, should an opportunity arise. This report revealed that 37% of employees surveyed are actively looking for other employment, and another third of the employees that were surveyed would seriously consider leaving their current workplace if they were approached with a more lucrative opportunity. Organizations should be concerned about the fact that 70% of their workforce would be willing to leave them, at any given moment, as a result from the stress of not making enough money to survive.

While pay isn’t the only motivator for an employee to remain at a job, it certainly is a major factor to consider. People who feel like they have a real sense of purpose, along with some level of autonomy and responsibility within their positions, may be more reluctant to switch employers. Additionally, when an employee feels that their employer is truly investing in them, they will undoubtedly work harder to show loyalty to their organization.

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