As Debt Awareness Week begins (24–30 March), new research from WEALTH at work has shed light on the extent to which financial worries are affecting UK workers — both in and out of the workplace.

The financial wellbeing and retirement specialist surveyed more than 2,000 employees and found that nearly one in four (23%) had borrowed money from friends or family in the past year, while 18% had taken on additional debt due to financial pressure. A further 28% reported working overtime to cope, and 13% said they had taken on an extra job.

The most common concerns among workers were a lack of savings for unexpected costs (42%), inability to save for the future (37%), difficulty covering essential bills (34%), and worries about existing debt (29%).

These anxieties are not staying at home. Many workers said their money worries are directly impacting their work performance, with 40% reporting increased stress, 35% feeling mentally exhausted, and one in four experiencing physical exhaustion. More than a fifth (22%) said their focus and concentration had declined, while 10% reported an increase in sick days related to financial stress.

Despite the scale of the issue, only 13% of employees say they would feel comfortable talking to their employer about money worries, even though 61% feel generally supported at work and 40% say they are comfortable discussing financial issues. Older workers are even less likely to speak up, with only 5% of those aged 55+ saying they would turn to their employer for help.

However, there are signs of optimism. 43% of workers believe their financial situation will improve, and when asked what they would do with spare cash, most said they would prioritise saving for emergencies (42%), paying off debt (35%), or covering essential bills (34%) — ahead of discretionary spending.

Jonathan Watts-Lay, Director at WEALTH at work, said the findings show just how widespread financial anxiety has become.

“It seems financial worries have become the new normal. With almost 14.6 million UK adults not coping financially or finding it difficult to cope, many are looking for ways to help ease the strain on their finances,” he said.

“Whilst being employed has traditionally been associated with financial stability, research from StepChange showed that 44% of those seeking debt advice were full-time employed, cementing that money worries are firmly also a workplace problem. After all, when struggling with money, people are less productive when they are in work, can be tipped into financial vulnerability and at a greater risk of predatory behaviour from scammers.”

Watts-Lay added that employers have a key role to play in supporting staff to manage their finances more effectively.

“These findings should prompt employers to consider how employees are being supported to tackle money issues head on and build financial resilience. Many employers overcome this financial wellbeing risk by providing financial education and guidance, as well as providing access to workplace savings such as ISAs,” he said.

“This support can make a huge difference by giving workers the opportunity to understand their finances, including ways to save money, learn about budgeting, manage debt, and how to boost savings and prepare for retirement.”