More than half of young Channel islanders aged between 21 and 30 cannot afford to pay bills and essential costs with their salary, according to a new study.

The 'Beyond the Paycheck' survey, was commissioned by CI pension and benefits firm Alexforbes, and had a sample of 600.

Results show that 40% of workers feel anxious when thinking about finances.

Jenny Winspear from research firm Anova says this research is important for the island and there is no point in driving change unless the time to understand the people affected is not taken.

"We need to stay in touch with our workforces and understand their views on how new ways of working are impacting their expectations, how the cost of living is affecting their wellbeing, what they value outside of financial benefits, and how our Island life differs to that of other jurisdictions.

"By taking the time to ask the questions, we hope this research will influence workplaces to adapt and enable people to truly thrive."

Over a quarter of people believe their employer does not have competitive, flexible working, which is popular among organisations to promote good wellbeing.

1 in 4 people also think their place of work does not have policies or programmes in place to promote good wellbeing either.

More than half of those think initiatives created by their employers are just 'tick-box' exercises.

Only a third of people believe their company pension plan is sufficient enough for them to meet their retirement goals, and almost 60% cannot afford to save as much as they would like into their pension.

Timothy Townsend, Alexforbes' Head of Wealth Management and Corporate Consulting, says they will continue to focus on supporting employers and HR professionals, by creating benefits that evolve with Jersey.

"We hope this report will help to evaluate workplace wellbeing ambitions and to enable better decisions around the benefits that support the wellbeing and culture of [the] workplace."