An estimated 1.4 million Britons have taken time off work in the last 12 months to deal with money worries, according to a survey by insurance company AXA.

More than a third of respondents, equivalent to 10 million of the working population, believe that financial concerns prevent them from performing their best at work; while more than eight in ten employees feel anxious over their personal finances.

Other findings from the report, were based on questions from AXA's HR tool for employers, include:

• Seven in ten admit they spend time at work worrying about their finance, with almost a third (31%) spending up to 15 minutes a day worrying,
• Some 1.2 million (4%) spend more than four hours a day feeling anxious,
• A fifth of 18-24 year-olds drink alcohol to take their mind off their financial concerns,
• Just over a third (35%) are pessimistic about the economic recovery.

‘The research shows that financial stress has a negative effect on employees' productivity and AXA believes that employers can and should do more to help reduce this stress,’ a spokesman for the company said.

Dudley Lusted, head of corporate healthcare development at AXA PPP Healthcare, said: ‘Money worries have become more than a mild distraction among the UK workforce, to a serious concern for both employees and employers as productivity has decreased and absence levels increased.

‘Business leaders need to do more to support their employees to prevent this issue becoming even more severe - both for their workforces wellbeing and for the productivity and success of their businesses.’

AXA runs a My Budget Day to help employees manage their finances.

www.axa.co.uk/mybudgetday