24% requested financial support in the event of a pandemic

A quarter of employees have had to seek financial support from family and friends during the Covid-19 (Coronavirus) pandemic, nearly triple the number that did so in April 2020, according to new research on the future of work.

The survey, which was conducted of 2,001 UK workers by Barnett Waddingham, found that 26% have examined their eligibility for state benefits, while another fifth (21%) plan to do so. More than two-fifths (42%) of people with disabilities have turned to state benefits, compared to 24% without any disability.

The study also found that 13% of employees took out a bank loan and an additional 12% took out a payday loan for financial support, which is an increase from 5% and 4%, respectively, who did so in the first place. same time last year. A total of 10% have also sought help from a health charity and an additional 11% have started using a food bank, more than double those who did so last year at 4% and 5% respectively.

Additionally, more than one in 10 (13%) have sought help from a mental health charity, while 20% plan to do so. Almost a fifth (18%) of 25-34 year olds were more likely to seek mental health support, compared with just 6% of 45-64 year olds.

David Collington, director of Barnett Waddingham, said constant engagement with employees is essential to improving well-being and developing effective investigations or improving communication with staff so that they feel supported and will reap rewards at long term.

“As we emerge on the other side of the pandemic, the strongest companies will be those that continue to support, listen to their employees and put their well-being first. And it is these companies that, in turn, will see the greatest impact on recruitment, retention and productivity, ”he said.

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