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Financial anxiety damaging work and relationships

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The poor health of the UK’s economy is making more than a few workers feel under the weather as 1.4m employees have taken time off work due to financial anxiety in the past year, new research has found.

Financial experts AXA has revealed the wide-spread effects of the country’s financial strains and debt’s damage to home and working lives.

According to AXA, 70% of employees say they spend time at work contemplating their finances, with 35% claiming the thoughts affect their performance.

But financial worries are not just confined to the workplace. AXA claim 12.2m people in the UK are concealing the full extent of their debt problems from family, friends and loved ones.

Results show that the highest occurrence of hidden debts is amongst those aged 36-40 and 46-50, with both brackets having approximately £6,000 on average. The total amount of hidden debt in the UK is reportedly close to £50.1bn pounds.

“There are over 12 million people in the UK today hiding their debt and financial concerns from their partners and family. Be that through embarrassment, fear or in some cases ignorance,” said Alison Green, spokesperson for AXA.

“The important thing is for people to take control of their finances and get the help and the support they need. The first step of which is taking stock of their debt and sharing this with the people in their lives.”

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Written by Andrew Hodges

November 22, 2009 at 9:54 pm

Posted in Comment, LinkedIn

Tagged with ,

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