Problems in managing money can often contribute towards
many people performing poorly in the workplace, it has been
suggested.
According to Tony Urwin, occupational psychologist and
general manager of BUPA Psychological Services and BUPA
Wellness, more consumers could develop difficulties in
meeting numerous demands for payment on areas such as
utility bills, personal loans and credit cards. Such fiscal
problems could be increased even further as the country's
consumer debt level "escalates" and the "costly" festive
period is just a few weeks away. In addition, the recent
decision by the Bank of England to keep the base rate at
5.75 per cent means that borrowing costs on personal loans
and other types of credit remain at their highest level for
six years. As a result, employees were urged to be aware of
the various symptoms that having financial problems can
result in.
And with such monetary difficulties potentially causing
staff to take days off due to stress, underperform while in
the workplace and in some instances turn to criminal
behaviour in an attempt to pay off creditors, the
psychologist called on employers to do more to help their
workforce manage their finances.
Mr Urwin said: "A person whose financial future is
uncertain is highly likely to feel pressurised and unable
to cope. Their behaviour is, therefore, likely to be
similar to that of someone suffering from extreme stress.
The visible work-based symptoms of stress can include short
temperedness, an inability to plan and control work, poor
relationships with colleagues or clients and loss of
motivation.
"Other very simple tell-tale signs may be the start of
frequent private phone calls - as someone burdened by debt
may start receiving regular calls from their bank, credit
card company or other organisations chasing payment."
He also pointed to research revealing that conversations
about independent monetary advice and financial issues
account for three and two per cent respectively of all
calls received by employees via assistance programmes
managed by BUPA. Meanwhile, debt matters, whether about
credit cards or secured loans, make up two per cent of
discussions. Mr Urwin pointed out that, overall,
money-related problems comprise more calls to BUPA
helplines than substance abuse or trauma.
The psychologist added that the provision of independent
financial advice can help consumers learn to budget their
spending effectively and how to apply for debt
consolidation loans so as to get back on their financial
feet. In addition, Mr Urwin stated that such guidance could
see people become more aware about the implication of
filing for insolvency and how being in debt can have an
impact upon credit ratings.
Earlier this year, Axa reported that by using the 50
minutes of their working day they spend in social
networking websites and making personal phone calls to
instead organise their finances, many of Britain's
office-based workers could be in a better monetary position
in which to pay off bills, loans and credit cards.
Spokesperson Pat Brady claimed: "A lack of motivation to
deal with financial matters is arguably at the heart of our
country's enormous personal debt problem." Meanwhile, after
getting a clear idea of their money situation those who
find that expenditure significantly outweighs income may
wish to consider taking out a debt consolidation loan.
----------------------------------------------------
Abbi Rouse writes for AllAboutLoans.co.uk, an online loans
comparison site, visit us today for information on all loan
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