"Businesses have a crucial role to play in mitigating the financial consequences their employees are experiencing. "
- Jane Hulme, HR Director at Unum UK
Of those surveyed (3,025), 86% of adults in the UK said they’ve been negatively affected by cost-of-living pressures which is a 9% increase since 2022. This aligns with findings from The Exeter’s Health & Financial Fears 2023 Report which revealed 75% of adults in the UK were worried about the continued rise in the cost of living. This was followed by less disposable income (69%), tax or national insurance increases (66%), not saving enough (65%), paying for utility or food bills (58%), mortgage payments or rent (52%), loss of employment or reduced working hours (51%), and a loss of earnings due to illness (47%).
Unum UK found that 46% of adults are worried about their finances every day due to rising living costs - extending beyond financial discomfort. The employee benefits provider reports 37% of employees are grappling with depression and feelings of isolation as they navigate the current socio-economic landscape. 37% of adults have been feeling physically tired and struggling with low energy, while 18% were socially withdrawn.
This has impacted decision making related to health habits with 45% saying they’re limiting or switching off their heating, and 39% eating less or maintaining an unhealthy diet in hopes of making savings each month.
Jane Hulme, HR Director at Unum UK, believes this research “highlighted without question the immense toll that the cost-of-living crisis continues to have on employees’ mental and physical wellbeing.” She notes that businesses have a crucial role to play in mitigating the financial consequences their employees are experiencing.
“This should be underpinned, where possible, by comprehensive benefits packages, employers of all sizes have a unique opportunity to help alleviate financial stress and cultivate a happier, healthier, and more productive workforce,” she concluded.
