We surveyed over 10,000 employees to uncover the impact personal money matters on their lives at home and at work.
40% of our research sample had money worries. These individuals were significantly more likely to display every indicator of reduced mental health that we measured.
How financial wellbeing affects mental health
We asked respondents questions relating to mental health, specifically focussing on how they felt over the last week. They responded with whether they agreed or disagreed on a five-point scale:
- I feel anxious and am prone to panic attacks
- I feel depressed and find it difficult to carry on with life
We were expecting to discover a link between financial worries and mental health but were quite taken aback by the extent of the results.
Employees with financial worries are:
- 3.8 times more likely to suffer from anxiety and panic attacks.
- 4.9 times more likely to suffer from depression.
We compared differences between ages, earnings and level of financial worries. The greatest difference, which indicates that it is likely to be the key driver, is between those that have financial worries and those that do not. The differences are startling and make a compelling case for the relationship between mental health and financial wellbeing.
You can find out more about the research, the cost of these, and other consequences of poor financial wellbeing in The Employer’s Guide to Financial Wellbeing.