A Building Societies Association (BSA) study reveals 22% of UK workers experience reduced job performance due to financial worries, with 19% taking sick leave from related illnesses.
Young adults aged 18-24 are notably impacted, with 33% reporting absences.
The research highlights a savings crisis: 27% have under £1,000 saved, 12% have none, 21% can’t cover a £300 expense, and 30% couldn’t live off savings for a month without income.
Parents aged 35-44 face similar struggles.
Yet, 81% believe they could save £10 monthly, even 47% with no savings.
Shirley Ballas, supporting UK Savings Week, emphasizes resilience.
BSA’s Andrew Gall notes financial insecurity’s toll but highlights saving’s benefits.
Economist Richard Stocker suggests the 50-30-20 rule and ISAs for interest.
Conducted in June with 2,000 UK adults, the study aligns with UK Savings Week (September 22-28), aiming for two million new savers and shifting £50 billion from 0% accounts by 2030.
Over £250 billion sits in non-interest accounts, underscoring the need for better habits to enhance mental wellbeing and financial resilience.
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