Financial problems among workers are costing employers more than £600 million a year, according to research by Aegon.

The pension and investment provider estimated that 4.2 million days of work are lost each year due to poor financial wellbeing among employees, with a cost to employers of £626m.

The research also showed that only 50% of employers feel able to provide information to staff on debt issues, and 27% don't think they could give information on saving for retirement.

Despite the cost to businesses, employers are reluctant to offer financial support, with 51% saying employees' financial wellbeing is not personally their business.

A further 45% worry that their employees would feel intruded upon if they were offered financial advice.

Kate Smith, head of pensions at Aegon, said:

"Our figures show the tangible impact of poor financial wellbeing on UK businesses with a staggering number of days taken off each year as workers struggle to deal with financial worries.

"It's time that employers acknowledged the role they play in supporting staff with their finances and there are some simple steps they can take to increase financial wellbeing among their workforce."

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