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Retail workers face money challenges at alarming rate

31 May 2023

A report published by financial institution Claro Money’s wellbeing division on the effects of money worries for retail workers found that 73% of retail workers feel negatively about their... Read more…

Nominations open for British Business Awards 2023

9 May 2023

Nominations have opened for the 2023 British Business Awards.
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Cycle Show 2023 opens tomorrow in London - come and visit the Cytech stand over the weekend

20 Apr 2023

Cytech will be exhibiting at the show on all days on stand G670
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Cytech to deliver seminars at Cycle Show 2023, opening this Friday 21st April

17 Apr 2023

Cytech are attending the Cycle Show and will be demonstrating key practices in bike maintenance that are useful for both the trade and public.
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Just over a week to go until The Cycle Show 2023, celebrating 20 years

12 Apr 2023

Cytech, the internationally recognised training and accreditation scheme for bicycle technicians, will be joined by training providers Activate Cycle Academy and Spokes People when the... Read more…

Majority of drivers unaware of Highway Code changes intended to protect cyclists & pedestrians.

21 Feb 2023

A new YouGov survey has found that 60% of drivers remain unfamiliar with last year’s Highway Code updates, which were intended to improve the safety of vulnerable road users in the UK.
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Cytech Scotland delivery in full swing providing skills and training to the market

2 Feb 2023

Glasgow-based cycling charity Bike for Good, which is responsible for delivering the internationally renowned Cytech training and accreditation scheme for bicycle technicians and enthusiasts in... Read more…

New King’s banknotes to enter circulation by mid-2024

12 Jan 2023

New banknotes featuring King Charles are to enter circulation by mid-2024. The King’s portrait will appear on four polymer banknotes (£5, £10, £20, and £50).... Read more…

Sector expertise and user experience counts when it comes to retail finance

10 Jan 2023

With retail finance schemes remaining a preferable route for retailers to boost sales during recession than the financial hit required by heavy product discounting, the Association of Cycle... Read more…

Portugal becomes first EU country to cut VAT on bicycle purchases this year

10 Jan 2023

Portugal has become the first EU country to cut VAT on bicycle purchases this year, from 23% to 6%.
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Retail workers face money challenges at alarming rate

Posted on in Business News , Cycles News

The report, published to coincide with Mental Health Awareness Week, found that 43% of surveyed employees in the retail sector had felt stressed or had experienced poor mental health within six months, with 27% saying this happens very often or all the time.

cost of living

Almost a quarter have endured burnout – a state of mental and physical exhaustion caused by work-related stress.

As a result of the cost-of-living crisis and money-related stress, 57% of retail workers say they are less productive, with 16% taking more sick days and almost 23% are looking for a higher-paid job at work.

Of the retail workers surveyed, 73% feel negatively about their finances. Yet just 15% are offered financial wellbeing benefits by their employer, compared to 36% of employees in accounting, banking and finance.

This is despite 75% of staff wanting more support with their personal finances.

Of those surveyed, 36% say they would welcome one-to-one financial coaching provided at work and 37% would be open to using self-learning resources created by experts.

Claro Wellbeing head of employee wellbeing Stacey Lowman commented:

“Supporting staff financial wellbeing is just as important as supporting their mental and physical health – in fact, all three are linked.”

Last month, a poll revealed a rising abuse and violence committed against shopworkers in the UK, with 36% of customers witnessing retail workers being abused.

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