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"Campaign to get firms to help employees manage their finances"

By admin | May 26th, 2008 | General

Over recent years many consumers in the UK have found it increasingly difficult to manage their finances, and high levels of consumers debt, rising interest rates, and problems in the financial markets have all contributed to these difficulties. Money issues are one of the major causes of stress amongst consumers in the UK, and as a result of stress levels many employees end up taking time off work because of how money issues are affecting their health.

Once insurance company, AXA, has come up with a possible solution that could help employees to deal with their finances more effectively and could help to reduce stress levels and reduce lost time incurred by companies as a result of high stress levels amongst employees. AXA is introducing ‘My Budget Day’ on 12th November, and the aim of the campaign is to persuade employers to give each employee one hour off each month to sort out money issues and finances.

One official stated that companies lose many man hours each month through employees emailing friends, texting, gossiping, and through other non-work related activities, and therefore one hour per month per employee was just a drop in the ocean.

He said: “Money is one of the major causes of stress for adults and as such it is a major cause of employee absenteeism. Employees are already costing their employers some 1.08 billion pounds every week by wasting time on non-work related activities including gossiping, texting, logging onto social networking sites and emailing friends and family — that’s 40 minutes a day. ”

He added: “If businesses are prepared to let their employees spend over three hours a month wasting their time on text messages, then asking them to dedicate just one of those hours to helping their employees alleviate their money worries doesn’t seem like a lot to ask.”

Tags: consumer debt, money

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