Money worries are a major cause of stress and missed work days, a report has argued.

Insurance provider AXA has claimed that if employers provided useful financial advice to their staff, both could benefit.

"Money is one of the major causes of stress for adults and as such it is a major cause of employee absenteeism, costing UK plc around £9.6 billion," it reports.

The insurer made its comments following a meeting of industry heads and politicians to discuss how employers can help their staff deal with their finances.

AXA is launching its own initiative for its 12,000 employers called My Budget Day. It will allow all staff one hour of work time to review their finances.

Earlier this year, price comparison website moneysupermarket.com warned that more than five million Britons believe they will always have debt.

It warned that debt had become far more socially acceptable but that many struggle to control their borrowing.

The government urges those with problem debt to take action as soon as possible. Routes out of debt can include seeking help with budgeting, increasing the household income, making informal agreements with creditors and individual voluntary arrangements.