Ninety per cent of the nearly 55,000 respondents to the ABC’s 2019 Australia Talks National Survey, rated household debt as a problem for the nation. Our overall wellbeing is being negatively affected by our relationship with money.
For the past decade, people like Gethin Nedin, Director, Employee Wellbeing, at Benefex, have alerted employers that employees’ money worries are having a significant effect on their work and wellbeing.
Increased absenteeism and presenteeism, reduced productivity and engagement, and an increase in mental health issues can all be linked to financial concerns[ii]. Money worries don’t only affect financial health: as one of the single biggest causes of stress, it can impact mental health and physical health too[iv].
Employees across all income levels and life stages would benefit from increased financial education, and improved financial wellbeing. If you can learn how to do more with your money, you are in a much better position to navigate any bumps in the road.
Australian employees are already under financial strain. Australian employers need to realise the benefits of offering financial education to their employees, to improve their financial wellbeing, now.
With a new decade upon us, it’s time for Australian employers to realise the benefits to your organisation if you do more to help your team understand money[ii] .
Providing quality financial education as an employee benefit can help lift the financial wellbeing of your workforce, leading to more engaged and productive employees.
Employee engagement begins with employee wellbeing. And an effective employee wellbeing strategy needs to include a means to reduce financial stress and improve the financial wellbeing of your team.
Money101 has delivered product-free, jargon-free online financial education.
Our Financial Wellbeing program designed to empower Australians to make better financial decisions, is a workplace solution delivered online, anytime.