Absenteeism and presenteeism and rife among younger workers
Employees aged 35 years old and under have the most financial concerns and are the least physically active. These same employees, many of whom entered the workforce following the recent global financial crisis, already suffer from social mobility challenges and tough economic conditions.
The report warned that this is now having a considerable impact on individuals’ health and wellbeing. Almost 35% of 26-30 year old employees are physically inactive, completing less than 150 minutes of exercise a week, and on top of this nearly 14% of this age group smoke. Older employees have healthier habits, with 22.5% of 56-60 year olds being physically inactive and only a small proportion (6.1%) smoking.
Excerpt from Health Insurance Daily, read the full report here
Don’t over commit
Bills are a fact of life; they only become a problem when you become over committed. Over committed means that your income can no longer meet the bills coming in.
By careful budgeting and planning and by being realistic about what you can afford, you can avoid debt problems and make the most of your income.
It’s easy to become over committed
It is easy to become over committed; every time you sign up for a new service (e.g., pay TV, gym membership, or a mobile phone contract for example); or buy something on hire purchase; or add to a credit card debt, you add to your monthly commitments. Likewise it can sometimes be all too easy at Christmas to buy now and pay later only to get a huge shock in January when the bills or credit card statements come in.
Review your budget
A personal budget can help you to plan ahead and make the most of your money. It would be beneficial to calculate your regular income and identify all your spending commitments. Taking a little time to plan this out over the next 3-6 month period will be time worth investing. By working out a budget you’ll know how much money you have for essential living expenses and how much you can afford to commit to other plans, for example buying a car, taking out a new mortgage, going on holiday or saving for the future). Once you have set yourself a budget it is important to review your budget on a regular basis, because your circumstances are likely to change. In the early days it also helps to keep a check on things on a weekly and or monthly basis to make sure you are keeping to your plans and preparing ahead if you think problems are likely to arise in the near future.
Prioritise your commitments
A budget will help you to priorities your commitments to make sure that your basic needs and financial commitments are met. You can then you can decide what else you can afford, and what you may have to save for, or do without. Remember a budget is just a plan. You need to regularly review your plan so that you can adapt how you manage your money should unexpected expenses arise, or should you receive unexpected income. If you are over-committed and have a debt problem, don’t ignore the situation.
Signs you may have a problem include:
- Having rent or mortgage arrears
- Taking out new loans to pay off old ones
- Only paying the minimum amount on your credit card each month
- Using a credit card for day to day purchases
- Ignoring letters from creditors
By listing and prioritising your debts, developing and implementing a personal budget and talking to your creditors you may be able to sort out any issues you may have. Always consider seeking the advice of an Independent Financial Adviser as they can help you to manage your finances.