At money concerns are one of the biggest motivators for problems like stress, depression and anxiety. This situation has a name: it is the financial stress, which affects a large part of the population and affects the individual as much as a divorce or the death of a family member.
In this post, we’ll talk a little bit about the problem and how it affects companies. If you want to understand the issue better, read on!
What is financial stress?
Stress is a well-known disease. It is a reaction of the organism that occurs when the person needs to deal with situations that require great mental and emotional effort, disturbing the balance and making the individual feel threatened.
Financial stress is the manifestation of this disease, caused by the feeling of fear or inability to deal with financial situations, harming not only physical health but relationships and productivity at work.
What causes financial stress?
O financial stress it is caused by five main agents, who begin to awaken the first feelings of concern and progress to more serious symptoms in the body. Are they:
They occupy the first place of the factors that cause financial stress.
The fear of not being able to pay the bills, the increase in these debts with the accumulation of interest, the anxiety caused by the consequences of default, the constant charges.
All of this makes the person start to develop health problems caused by excessive worry.
Search for success
The desire to consume for some may be an incentive, but for many people it is more of a factor in the internal pressure that can lead to financial stress.
The excessive desire to buy not only what is necessary, but what also brings pleasure or status, can lead to a situation of stress.
Fear of losing his job
The fear of losing a job or a source of income, especially in times of crisis, brings an extreme concern about the future and how the bills will be paid.
In addition, an unemployment scenario can hinder career growth.
Fear of aging without quality
UK citizens are also very concerned about their retirement and how they will survive into old age.
Many bet on private pension plans, but not everyone is able to do this planning and they know that the value they currently contribute is not enough for a dignified life in old age.
Fear of falling standard of living
Our standard of living depends entirely on financial success.
The fear of losing the lifestyle to which they are accustomed, or even having to dispose of items such as cars, houses, or moving to a poorer neighborhood, can lead the individual to develop the financial stress.
This type of situation can be caused not only by unemployment, but also by the increase in the cost of living thanks to inflation, divorces, among other aspects.
How does financial stress affect the professional?
A recent study by PwC in the United States showed that 53% of workers suffer from stress caused by financial issues.
Of that group, 35% noted the impact of this concern on their health and 76% said they would switch companies if the new proposal offered more concern for their financial well-being.
Among health problems, most (69%) of those in debt reported problems with anxiety. In addition, feelings of insecurity, anguish, discouragement, guilt and low self-esteem have also been described.
In more serious cases, these problems cause absences and even leave the workers, requiring treatment with specialists and rest so that the professional recovers his energies.
What are the consequences of financial stress for the company?
When the employee suffers from problems caused by andfinancial stress, your income falls in the company. This directly impacts the achievement of results.
We will highlight here the main consequences for the organization.
It is common for someone with financial difficulties to constantly think about it, looking for solutions to pay the debts and solve the problem.
Thus, this employee is unable to fully dedicate himself to his activities, reducing the attention and the engagement performing tasks.
Drop in productivity
The occupation of the mind with personal issues and the consequences for the body caused by financial stress affect employee productivity. He no longer has the same willingness and attention to work.
As a result, their productivity drops, affecting the team’s numbers and the achievement of the company’s goals.
Higher incidence of errors
A professional who suffers from financial stress is much more prone to errors. Especially in activities that require care in details and that escape the routine.
Your level of attention drops dramatically, affecting your quality of your work.
Greater chances of shutdown
With falling productivity, lack of attention at work and even possible absences, the probability of dismissing this worker is much greater.
This resignation will materialize more financial problems, which are the source of stress, how it can affect the internal work flow, requiring someone else to accumulate functions and the organization to make a new selection process.
Stay tuned if you notice any of the symptoms that we show here, either in a professional or in the team.
Also notice if there was a request for a payroll loan application or if an employee who has always brought results has been showing a sudden demotivation.
It is worth talking to that person and trying to understand if any financial problem is affecting your personal life.
It is also interesting that the company invests in financial education, so that workers are able to better manage their resources and avoid future problems.
Does your company have any initiative aimed at the employee’s well-being? How does she deal with those who go through difficult situations that affect productivity? Leave a comment in the post!