Research from leading employee benefits provider Unum UK, conducted by Censuswide, has revealed that almost half of UK workers received no employer support to help them manage with the cost of living during 2023 despite UK workers continuing to feel the pressure of rising costs. This is a 12 percentage point increase from last year, when a third (35 per cent) of workers said this was the case when asked the same question.
Compounding these concerning findings, 69 per cent of workers admitted that the general cost of living has now become their biggest day-to-day concern, up from 61 per cent last year.
Amongst those who did receive support from their employers this year, pay rises remained the most common type of help. However, numbers here were slightly down with 25 per cent of employees having an increase in wages, compared to 32 per cent in 2022.
The data reveals that workers are seeking new ways to try to manage their finances – 24 per cent are looking for a second job and 18 per cent are looking to move to a new role with higher pay or better benefits. This need to increase their income is felt most by those aged between 16-34, with 27 per cent planning to move jobs with a higher salary or benefits and 28 per cent planning to find a second job to make ends meet. Significantly, 20 per cent say they are seeking help with their mental health as a direct result of concerns about the cost of living.
“These results reveal a growing gap in employer support leading staff to stretch themselves in a bid to make ends meet,” said Jane Hulme, HR Director at Unum UK. “Offering a strong employee benefits package that supports employees physically, emotionally, and financially is key to enable a happy, healthy and productive workforce.
“Given the figures for those aged 16-34 above, it’s no surprise that 34 per cent of employees in this age group already report that they feel burnt out in 2023,” she continued. “Now is the time for employers to start considering the best and most effective benefits they can put in place. With employees reporting such a significant impact on their mental health, investing in resources in this area would be a beneficial place to start.”
