Nearly half of workers concerned they are not saving enough for the future, research finds

Almost half (47%) of workers said their biggest financial concern was not being able to save enough for the future, up from 37% a year earlier, research from WEALTH at work found.

The survey of working adults also found financial worries were affecting employees at work, with 36% reporting increased stress and 34% experiencing mental exhaustion.

Almost a quarter (23%) said money worries reduced their motivation at work, while 20% reported reduced focus and concentration and 8% said they had resulted in increased sick days.

Ahead of UK Savings Week and National Payroll Week, WEALTH at work encouraged employers to consider how workplace support could help employees strengthen their financial resilience.

It said financial wellbeing programmes should account for employees’ different life stages and priorities, which could range from saving for a first home to paying off debt or preparing for retirement.

Employers were also encouraged to ensure workers understood and made use of their existing benefits, including staff discounts, payroll savings schemes, employee share plans, individual savings accounts (ISAs) and pension contributions.

WEALTH at work’s research found 42% of workers would save towards future goals if they had spare cash.

It also recommended providing financial education covering areas such as budgeting, debt and emergency savings, with employees ideally having access to between three and six months’ worth of emergency savings.