Would You Recognise an Employee with Money Problems?
It’s a shocking statistic, but the average level of personal debt in the UK these days is around £30,000! It’s no surprise, then, that a good proportion of people with this amount of debt are finding it harder and harder to cope, especially with living costs rising and salaries lagging way behind.
Lots of hard-working households are just about scraping by each month and many live in fear of an extra expense cropping up that will tip them over from just about managing to being in trouble. A lost school blazer, a new tyre, a vet bill – any of these things can mean the difference between making ends meet and going under.
If you run a business or you’re an HR manager, you need to watch out for the signs of money problems in your staff – it’s no longer the preserve of unemployed people – and to offer help. You don’t have to give them a loan or an early pay rise, you could point them towards Creditfix so they can get help and advice.
Here are some of the more common signs of money troubles.
Unexplained and excessive tiredness
Insomnia often comes along with debt worries. People either can’t get to sleep in the first place or they can’t stay asleep. This causes sleep deprivation which lowers productivity and can also mean relationships with colleagues, family and friends suffer. When things get this bad, the person needs help.
Changes in eating habits
These changes are most often not for the better. If the person has always had a good appetite and you notice them not eating so much or, conversely, suddenly eating lots of junk, then there’s a problem there somewhere. If there’s no obvious reason for the change in eating habits, like a weight-loss programme, for example, then worry over debts is often behind it.
Unusual anxiety
Having debt problems is a huge weight on the mind even before you factor in phone calls, letters and even emails from creditors, all looking for their money. If you notice that someone is jumpy whenever their phone rings or pings, or just seems on edge for no real reason, it may be because they’re getting worrying messages.
Frequent requests for salary advances
Of course, many employees ask for an advance because there’s an amazing holiday deal that they can’t miss, or they need urgent dental work. These are sensible, identifiable reasons that are usually one-offs. Asking for advances every few months for no particular reason usually means that the person isn’t managing their money.
Sudden or unexplained depression
Debt problems, as you can easily imagine, lead to low moods and mental health issues. Depression is the most common among them because it’s a reaction to the constant stress and hopelessness, although many people don’t recognise that they have depression. The good news is that once the money problem is addressed, even if it means a long, boring period of repayment, the low mood almost always picks up.
Anxiety and depression aren’t just a personal problem, though. The conditions cost the country more than 12 million working days every year, so it’s good for the company and the economy if they’re dealt with.
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