Three quarters (75%) of transport and logistics workers say money worries affect their work performance, with more than one in four (27%) saying this happens very often or all the time.
Money worries are one of the leading causes of stress and it can impact our mental and physical health and overall wellbeing.
Claro Wellbeing can reveal that almost a third (31%) of employees in the transport and logistics sector have felt stressed or have experienced poor mental health within a six month period.
One in six (15%) have endured burnout – a state of mental and physical exhaustion caused by work-related stress.
Claro Wellbeing’s Workplace Today report explores the true cost of financial stress on the UK’s workforce. Amidst the cost of living crisis, rising costs and soaring interest rates, 53% of transport and logistics staff impacted by financial stress say they are less productive, with 14% taking more sick days or looking for a higher-paid job at work.
Some 84% of employees in transport and logistics feel negatively about their finances. More than half (54%) say they are concerned about their money and one in 10 (10%) feel stressed.
Yet just 16% of workers in transport and logistics are offered financial wellbeing benefits by their employer, compared to 36% of employees in accounting, banking and finance. This is despite 72% of staff wanting more support with their personal finances from their employer.
Almost half (43%) say they would welcome one-to-one financial coaching provided at work and 37% would be open to using self-learning resources created by experts.
Stacey Lowman, Head of Employee Wellbeing at Claro Wellbeing, says: “Our research shows significant proportions of staff working in the transport and logistics industry are being affected by money worries, stress and burnout. This is crucial information for employers in this sector, not just during Mental Health Awareness Week.
“Organisations have rightfully been prioritising mental and physical wellbeing benefits, yet financial stress impacts both. What’s more, frontline staff have not been given the same access to high-quality wellbeing benefits as desk workers. This is because these benefits are typically offered via a desktop platform or require an email address.
“But Claro Wellbeing has listened and we now have the answer. Our mission is to provide market-leading financial wellbeing benefits to every deskless workforce across the country, built specifically for them and delivered via WhatsApp. Our offering prioritises the needs of frontline employees and includes customised financial products, engaging educational content and a dedicated support team to give them the benefits they deserve.
“Supporting staff financial wellbeing is just as important as supporting their mental and physical health – in fact, all three are linked. A good financial wellbeing strategy is not one-size-fits-all – it needs to be inclusive and offer tailored guidance to your employees at whatever age and stage of their career they’re at. This could include one-on-one financial coaching, interactive sessions based on your team’s needs and a wide range of on-demand courses.
“With the cost of living crisis at the top of everyone’s minds and Mental Health Awareness Week bringing mental health to the forefront, companies simply can’t risk not prioritising the financial health of their employees.”