Research: The DNA of Financial Wellbeing

This second research book from Neyber looks specifically at the borrowing needs of employees and highlights that there is a significant group who are living and working under the shadow of financial difficulty.

Key findings

• Around half of employees regularly borrow to meet everyday living expenses and household bills. However, this figure is higher among under 34s, with 70 per cent borrowing regularly to cover the basics.
• There has been a gradual increase in the use of payday lenders (eight per cent in 2018, and five per cent in 2017).
• 57 per cent of respondents said that their income fluctuated each month and almost a quarter have a variation of more than 20 per cent each month – a significant increase from  Neyber’s 2017 research. This makes it difficult to manage and budget for day-to-day expenses.
• Six in 10 employees feel like their behaviour changes when they are under financial pressure. This increased to more than seven in 10 for those aged under 34.
• Employers said they were aware of financial worries causing changes to their employees. 68 per cent agreed that it affects individuals’ behaviour, 69 per cent their performance and 67 per cent relationships at work. These figures have all increased since the 2017 survey, suggesting a greater awareness of financial wellbeing.