{"id":490791,"date":"2023-12-04T09:25:54","date_gmt":"2023-12-04T09:25:54","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=490791"},"modified":"2024-03-09T10:39:48","modified_gmt":"2024-03-09T10:39:48","slug":"survey-uncovers-impact-of-retentions-and-late-payments","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/survey-uncovers-impact-of-retentions-and-late-payments-04-12-2023\/","title":{"rendered":"Survey uncovers impact of retentions and late payments"},"content":{"rendered":"

More than four in five specialists say that late payments from main contractors have impacted their mental health, according to Construction News<\/em>\u2019 payment survey.<\/span><\/p>\n

The figure is revealed today in the the results of a major survey by CN<\/i><\/a> of construction subcontractors\u2019 experiences of retentions and payment practices.<\/span><\/p>\n

The survey, which received 217 responses, highlights an \u201caggressive\u201d culture surrounding payments, with many respondents saying they have to battle to get paid.
\n<\/span>\u201cThe constant worry regarding speed of payment and amount of payment has a significant impact, and not just to me \u2013 my family may also feel the pressure I am under,\u201d says one respondent.<\/p>\n

Another writes: \u201cStress and anxiety and fear plague my life daily. The whole construction industry is a depressing and hard industry [\u2026] It offers very little reward, just bitterness and unfairness.\u201d<\/p>\n

In written responses to a question about mental health, 66 survey respondents (30 per cent) admit payment issues have caused stress, while 21 (10 per cent) describe suffering sleepless nights.<\/span><\/p>\n

Others say the problem has led to \u201cworry,\u201d \u201canxiety,\u201d \u201cdepression\u201d and \u201chigh blood pressure\u201d.<\/span><\/p>\n

Sarah Bolton, chief operating officer at construction mental health charity Lighthouse, said that 37 per cent of people who contact the charity cite financial need as their main reason for reaching out.<\/p>\n

She said that the charity \u201ccan\u2019t directly correlate\u201d this with slow payment, but she says there is little doubt that financial worries go \u201chand in hand with emotional pressures and strains that can impact on mental wellbeing\u201d.<\/p>\n

Some 32 written answers (15 per cent) acknowledge instances of bailing out their own company to pay employees or suppliers, either by foregoing wages themselves \u2013 sometimes for months \u2013 or by tapping into family savings or their pension.<\/span><\/p>\n

Mark Reynolds, chief executive of Mace and co-chair of the Construction Leadership Council, told CN<\/em> he was unsurprised by the high proportion of subcontractors who say late payment has affected their health \u2013 and added that there is an obvious reason why it is an under-discussed issue.<\/span><\/p>\n

\u201cThe people who really suffer from this are business owners because they care about their workforce,\u201d he says.<\/span><\/p>\n

\u201cAnd they\u2019re not sharing [their woes] with anyone; a cashflow problem is not something that you go talking about, as the first thing that people will do is to stop paying you cash.\u201d<\/p>\n

View an in-depth analysis of the CN 2023 payment and retentions survey<\/a> of subcontractors.<\/p>\n","protected":false},"excerpt":{"rendered":"

More than four in five specialists say that late payments from main contractors have impacted their mental health, according to Construction News\u2019 payment survey. The figure is revealed today in the the results of a major survey by CN of construction subcontractors\u2019 experiences of retentions and payment practices. The survey, which received 217 responses, highlights …<\/p>\n","protected":false},"author":129711,"featured_media":490799,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false},"categories":[552,577,57171],"tags":[80389],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n