A survey by Amarach Research commissioned by newly launched web portal MyMoney has revealed that 91pc of Irish employees are in financial stress with 57pc reporting its impact on their ability to do their jobs.

When employers were asked about financial stress and its effect on their employees – 78pc of managers believed financial stress was having a direct impact on productivity.

MyMoney estimates that financially stressed employees absenteeism costs €850,000 daily in Ireland, or a total of €2.1bn a year.

Launched today, 24 September, and founded by Liam Croke, MyMoney is a web portal providing employers with a resource for employees to take control of their personal finances.

It deals with money management and investment education that helps people make informed financial decisions using online tools and other supports such as seminars and web tutorials.

“The degree and scale of financial stress and its impact on employee productivity is widely underestimated,” said Croke. “It weighs heavily on both your home and professional life. We wanted to empower employees to help themselves with impartial information and the tools to help them get in control.”