17 Jul 2017

Report: A high wire with no safety net

Most employees are living with a false sense of security in regard to their financial health. The reality is much different. Employees feeling stressed because of financial problems struggle to know where to turn for help. This BHSF report will help employers take the lead, providing the right support for their employees to equip them with the tools they need during financial crisis.

Key findings

While more than half of the working population say their income has kept pace with their outgoings, 38 per cent say that income, and therefore overall living standards, have decreased.
More than a quarter of respondents said that short-term financial shocks would be paid for with a credit card, with 10 per cent relying on their family for finance.
37 per cent of respondents said that they had no adequate provision in the event of ill-health and would be unable to pay their bills. A further 13 per cent admitted that they didn’t know how long they could survive without a regular income.
Half of employees, which equates to circa 16 million people, have no sick pay insurance whatsoever.

In his conclusion, Dr Philip McCrea, chief medical officer at BHSF, says: “Yes, short-term absenteeism must be challenged, but long-term absenteeism due to serious health issues must be prepared for, and employers must be brave and play a role [in supporting employees].”