Essex money charity warns impact of debt
Debt Awareness Week (18th - 24th March) was started to increase awareness of problem debt and the advice and solutions available to help.
Financial troubles could be causing increased stress levels and mental exhaustion for people across Essex, according to a local advice charity.
New research for WEALTH at work, a leading financial wellbeing and retirement specialist, has found more than one in five (22%) workers have had to borrow money from family or friends in the last year because of money worries, and 20% have taken on debt.
More than a quarter (26%) have worked more overtime and more than one in 10 (11%) have taken on an additional job.
When asked how money worries have affected their work performance, 38% of respondents admitted it had increased stress levels, and a third (33%) believed it had caused mental exhaustion.
Over a quarter (26%) said money worries had affected their work performance by decreasing motivation, a fifth (20%) that it reduced focus and concentration, while almost one in 10 (9%) even saying they have taken more days off work unwell.
Despite this, fewer than one in 10 (9%) workers would seek help from their employer if they were struggling with debt.
Employers are now being encouraged to support employees who are struggling financially.
Martin Lord is the Director at Citizens Advice in Essex.
He said: “One of the long-term effects of people who are financially struggling, who can't balance their budgets, is that they will inevitably fall into debt. It's a symptom rather than a cause of people just not having enough money in many cases to get to get by.”
Mr Lord explained: “Research carried out by Citizens Advice nationally shows that of the people that we help who are in debt, even after we provided them with really extensive professional structured support - half are still in a negative position after the support was being offered.
“People who are in debt are the tip of the iceberg, and there's a lot of other people below who are not necessarily manifesting debt issues, but likely will. So, it's something we're really concerned about in terms of the demand upon our services.”
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