financial health training for your employees
According to research carried out by AMP Life in 2016, financial stress is a national problem for Australia, affecting all employees across all industries, job roles, and income levels. A holistic approach to financial wellness through educational seminars and access to advice and support can help reduce financial stress.
Financially stressed employees are less productive, less engaged, and more likely to leave their role. In a 2016 report, ‘Financial wellness in the Australian workplace’ by AMP calculates this is costing Australian employers $47.2 billion annually. Of these employees, casual workers, single parents and females are in the top risk segments for financial stress.
Setting financial goals can help prevent financial stress. In fact, AMP research reported that while 80% of employees had financial goals, those employees who considered themselves financially secure (i.e. less stressed) had clearly defined goals that were focused on retirement and investment. Financially stressed employees who do set goals are more likely to be short-term oriented and focused on meeting debts.
Employers can strengthen an employee’s confidence in understanding finances by taking a holistic approach and offering short training sessions, or access to financial advice and guidance. While it may not always be considered an important part of wellness, financial literacy can help reduce stress in the workplace, resulting in happier, more productive employees.