Employment disputes could arise with 'money sickness syndrome'

Published on 13 Jul 2010 under category: legal

More employment disputes could arise in the workplace, as 'money sickness syndrome' spreads.

According to a report from AXA, workers at all levels are experiencing serious stress from worries about the state of their finances.

The authors of the research claim that "millions" of high-level managers and employees are "failing to take financial advice" despite personal concerns about money management.

Almost nine in ten adults are suffering physical and psychological symptoms, with around two-thirds reporting increasing levels of stress over the past year.

These symptoms have manifested in depression, weight gain, anxiety, insomnia and a decrease in libido.

More employment disputes could come about, as workers finding themselves unable to perform to expected standards in the workplace.

Employees in junior managerial and supervisory jobs have been most affected.

Two-thirds have said that their levels of stress in the past 12 months have only continued to rise.
Twenty-one per cent of high-level managers and professionals said they were undergoing "constant stress".

Commenting on the report's findings, AXA's head of psychological health and wellbeing Eugene Farrell said: "An alarming number of people seem to have their heads in the sand about money matters. Our research shows that a quarter of people do nothing to deal with the cause of their financial worries while others turn to potentially unhealthy pursuits for consolation.

"That's millions of people who are risking their physical and mental health and well-being through their struggle to manage their finances properly."

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