85% say being in debt impacts their mental health

It's a stark statistic - and one that employers would do well not to ignore. On the face of it, it does not seem like an employment issue, but the effect of debt on a person has knock-on effects on all aspects of that person's life, whether at home or at work. 

 

And that means it can impact work performance directly as well as indirectly. Time away from work to cope with stress, pressures on work relationships and distractions from work-based tasks are all naturally obvious impacts. Then there is the impact on co-workers who take up the slack. 

 

It can be impactful for everyone. We know exactly how impactful this can be because our partner PayPlan has carried out extensive research in this area. Being in debt causes stress for 91% of their clients, causes depression for 68% and gives 84% anxiety. 

 

Their infographic sets it out perfectly: 

 

 

They tell us: "We have seen an unprecedented level of debt clients coming to us linked to the cost of living crisis. We know that debt is all encompassing and can impact on mental health, the workplace performance, presenteeism, absenteeism, relationships etc. So now is most definitely the time for employers to work with partners who have free debt services build in." 

 

We at Verve Healthcare believe that people should be at the heart of any and all interventions. Stressors can come from all directions, whether these are formed at home or at work. We have a range of interventions designed to help people in whatever situation they are, and to help nip the causes of problems in the bud before they arise. 

 

We can extend debt counselling services as part of our overall offer. If employers can help employees to address an issue that may well have arisen out of the workplace then we think that's a win-win-won situation. 

 

Better for the employee, better for the employer and better for everyone supporting that person.