As we enter a new financial year, it’s the perfect time to reignite our relationship with our finances.
However, for most of us, it’s a topic that makes us immediately cringe! But, achieving balance in all areas of our life, including finances, is important for achieving optimal wellness. This means giving our finances the regular love & attention it needs, to increase our sense of control, so we don’t have to worry about money on a day-to-day basis.
What impact does this have for your workplace?
In the current economic climate, financial pressures on employees are growing, which has flow on effects to the workplace. In fact, finances are second only to work as the leading cause of stress. This negatively impacts absenteeism, productivity & workforce commitment.1,2 It is therefore unsurprising that 1 in 4 employees spend an average of 20 hours/month of work time on personal financial problems.3
Financial wellness continues to be one of the most overlooked components of today’s corporate wellness programs. This is despite more & more Australian employees feeling the pinch. Furthermore, many employees lack the basic knowledge & skills to effectively make ends meet. Recent research shows:4
49% are not confident about planning for their long-term financial security
79% do not know how much capital they will need to retire
59% are not confident in choosing an investment strategy
72% have lost track of their superannuation
73% do not make regular contributions to their superannuation fund
53% are consistently stressed about their financial situation
However, whilst the above statistics are somewhat alarming, encouragingly, 85% of employees are interested in receiving financial education, with nearly half believing their employer has responsibility for providing it.5 Hence, an increasing number of progressive employers are investing in workplace financial literacy & retirement planning programs.
Are your employees ‘feeling the love’? If not, contact Wellness Designs today on 1300 914 558 or visit www.wellnessdesigns.com.au to learn more about our award-winning Money 101 program. We give people the tools to plan their money for life!
- Cash, G. (1996) ‘Financial Wellness: Will it be your next health promotion program’, Available:www.healthy.net/library/articles/cash/centre/worksite.htm
- Krajnak, P et al (2008) ‘Retirement Education in the Workplace’, Financial Services Review, 17: 131-141.
- Lifestyle Money Coach, www.lifestylemoneycoach.com.au/
- Money 101, see www.wellnessdesigns.com.au
- Mercer Human Resources Consulting (2006) Mercer 2006 financial literacy & retirement readiness study – implications for employers & superannuation trustees.