Britain’s health and care services workforce is burdened by financial worries, and it’s costing employers an estimated £3.79 billion a year. That’s the key finding of new research into the financial wellbeing of the health and care sector commissioned by alternative finance provider, Neyber.
The study surveyed almost 1,000 health and care service workers as part of Neyber’s “The DNA of Financial Wellbeing “report; the first of its kind looking into the impact money worries have on our working lives.
With the UK economy lacking financial resilience, the research reveals how personal financial stresses are actively contributing to the reduction in GDP; 820,000 hours are lost by health employees taking time off work as a result of financial stress.
The study revealed the impact financial worries have on the health sector with 70% of health workers admitting to being affected by financial worries. This figure rises to 91% when looking at those professionals earning between £30,000 and £39,000.
Commenting on the findings Deborah Tarrant, President of the Healthcare People Management Association, said: “Health and care service providers depend on the quality, well-being and the compassionate care of their people. At HPMA, we believe in improving health through people and by looking after the people that work for our organisations, they will in turn look after patients and those needing care.
“This survey indicates some worrying statistics regarding the financial pressures that people working across the health and care sector are experiencing. There is clearly a financial impact, in terms of huge lost productivity, and there will also no doubt be an impact on the ability on our people to deliver the highest quality of care.”