Financial wellbeing

Feel good about your finances

You’re probably not surprised to read that financial security is one of the top three factors likely to negative impact your personal wellbeing.

AIA Australia’s 2017 workplace survey found 58% of Australian employees admit to having some financial concerns.

The result was poorer mental and physical health, productivity, creativity, relationships and sleep.

McCrindle’s 2017 research into workplace wellbeing, places financial security in the top three factors for personal wellbeing and revealed 39% of Australian workers are dissatisfied in their financial situation and 75% are stressed about finances.

Meanwhile According to AMP’s 2020 Financial Wellbeing Index, the impact of employee financial stress to Australian businesses is over $30 billion per year and is widely reflected in reduced productivity and absence.

So, it pays for you and your organisation to prioritise your financial wellbeing.

58% of Australian employees admit to having some financial concerns.
39% of Australian workers are dissatisfied in their financial situation
75% of Australian workers are stressed about finances


8 steps to boost your financial wellbeing

1 Spend less than you earn
Use your banking app to monitor your spending before you start shopping. Consider saving any non-essential shopping for another time.
2 Take control of your newsfeeds
It’s easy to buy an item you’ve been considering when it repeatedly pops up with a discount or offer. Instead of clicking the ad, mark it as irrelevant or hide the seller.
3 Unsubscribe from mailing lists
It’s easy to spend more when you receive a promotional email from your favourite brand. Consider unsubscribing so you stop receiving regular updates.
4 Create a budget that works for you
Ask yourself, what money is coming in? How much do I spend on essentials? And how much is left over, and where does it go? Focus on where your left over money goes and if you’re not saving, then consider reducing your spending.
5 Build an emergency fund
Put away money every month to build up funds for when you’re dealing with unexpected costs. Experts say you should aim to save enough to cover 3-6 months’ worth of expenses.
6 Save for the things you want
Saving for non-essentials that you want is a great way to build a positive spending habit. Start by setting up a savings goal in your banking app with automated payments into a savings account.
7 Consolidate your debts
If you want to consolidate your debts, speak to your bank for financial advice or contact the National Debt Helpline.
8 Speak to your workplace employee wellness program
If your money matters are bringing you down, check with your employee wellness program to see how they can support you.

 

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