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A new survey has shown that with one in three employees just getting by financially, as many as 50% say their current financial situation is affecting their mental health.

Aviva’s fourth edition of its Age of Ambiguity study, which has been tracking employees’ experience of work since before the pandemic, shows just how socio-economic uncertainty and financial pressures are impacting people’s well-being.

According to the data, feelings of financial distress were widespread even before the economic and political upheaval that heightened during the Autumn.

Those earning up to £24,000 per year are the most likely (60%) to feel their finances are negatively impacting their mental health.

Aviva’s report considers the role employers can play in helping employees with their personal finances and financial well-being while recognising that anxiety from economic concerns is complex and individual.

It suggests that open conversation around money, and signposting support that is available, will help to make sure a range of people across different incomes, ages, genders and other groups are catered to.

Thinking of appointing Dolan Accountancy?

Give us a call on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

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Dr Doug Wright, Medical Director at Aviva UK Health, commented,“The relationship between debt and mental health is long established, but in these challenging times, employers need to be closely attuned to their employees’ financial wellbeing, signposting help for those who need it but are unsure of where to find it.

“Being financially responsible does not necessarily guarantee stability – even for people who are experienced with budgeting, the current cost of living crisis is presenting new challenges to their personal finances. Employers should look to offer support that bolsters employees’ confidence, as well as offering practical solutions that appeal to their full breadth of employees.

“Workplace education campaigns about personal finances, including credit ratings and budgeting, can be a great way of helping people feel more secure with their monthly pay cheques. Aviva’s learning portal provides seminars on a range of financial topics. Tools that foster an open environment where those in debt know that they can raise their concerns with their line manager, or access services like debt counselling through the business, are equally important.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Thousands of Contractors Choose Dolan Accountancy

With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust.

Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams
  • Free Access to FreeAgent – We offer all of our clients access to FreeAgent, free of charge
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few
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