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    Improve workplace culture by encouraging employees to talk about money.

     

    Let’s stop beating around the bush – Australians have a problem. We’re scared to talk about money. As something that has such an enormous impact on our daily lives, you think we’d be a little more open to the idea of discussing our financial situation. Turns out, this isn’t the case. But there are steps employers can take to change this (and increase workplace culture by doing so).

    We’re worried about money.

    In 2017, only 6 in 10 Australians felt confident about managing their money. Common financial concerns reported by Australians revealed that 46% of females and 26% of males felt that “dealing with money is stressful and overwhelming”.

    1 in 4 state that nothing they do will make a significant difference to their financial situation. This belief can lead to a sense of helplessness and decrease overall wellbeing, resulting in poor workplace performance. Other concerns held by Australian workers is that they struggle to understand financial matters (21%) and that they’re too busy to sort out their finances (15%).

    A 2015 report found that employees who suffer from financial stress are less satisfied with their lives, less engaged with their job and ultimately more likely to underperform at work. The result of this is sickness, absenteeism and low productivity, costing Australian businesses $33 million per annum.

    It’s not all bad news though – money concerns amongst employees is something that can easily be alleviated by eliminating the negative stigma that surrounds discussing financial matters in your workplace.

    Removing the taboo through conversation.

    It might sound odd, but there’s quite a few reasons why something as simple as talking about money can vastly improve workplace culture (and as a result, your company’s bottom line).

    A recent study found that the more people talk about money, the more motivated they are to learn about it and improve their financial situation. Those who discuss money frequently showed the most willingness to change their financial mindset and improve their financial wellbeing.

    Right now, you’re probably wondering why we can’t just talk about money at home to solve the issue. After all, why should it be a workplace matter? The problem here is that we spend around eight hours a day in the workplace. By the time we get home, we’re usually too exhausted to talk about our financial issues, instead choosing to use our nights to wind down and relax. As we spend most of our days at work, it’s unsurprising that we’re bringing our financial concerns into the workplace. Despite the proven benefits of talking through and sharing a problem, only 3% of us talk to our work colleagues about our finances. In fact, over a quarter of us find talking about money in any situation difficult for fear of judgement and embarrassment.

    The solution to this is surprisingly simple. Address the workplace taboo surrounding money by making financial services or classes available to your employees that will improve their financial literacy.

    How to start the discussion.

    Want to increase your employees’ financial literacy and wellbeing but don’t know how to start the conversation in your office? Read on.

    Australians aren’t the type of people who will openly admit that they’re struggling, especially if they’re under the belief that doing so could jeopardise their job. Financial problems are extremely personal matters, so they must be addressed carefully.

    If you have identified an employee who you believe might be struggling financially, suggesting one-on-one help or counselling can result in them feeling as if they are being isolated or punished. Often, a person who is financially unwell doesn’t even realise that they have a problem until a financial emergency occurs!

    This means that before becoming ready to accept help, a person must first identify that they have a problem as well as being open to the idea of receiving support to solve it.

    Financial Wellness Programs are an effective way to do this. Rather than point out specific individuals who might be struggling, these programs are optional and open to all, making them the perfect starting point to discussing money with your employees.

    A good Financial Wellness Program will not only help your employees understand and identify whether they are on track financially – it will educate them on how to make good financial habits for the future. Designed to relieve financial stress and create a happier workforce, these programs are tailored to remain relevant to your employees needs and life stages. This means that they treat both the immediate symptoms and the cause of the problem.

    Financial Wellness Programs teach attendees about cashflow and investments, helping them reduce their debt and manage their finances, which decreases their level of financial stress from day one. They then show employees how to plan for long-term goals, such as saving for a holiday, having enough money to enjoy retirement and managing mortgage repayments. By the end of the program, your employees will have greatly increased their financial literacy and be well on their way to financial wellbeing.

    Happier employees means a better workplace culture.

    Surveys have shown that employees value workplace wellbeing over material benefits and there’s no denying that happy employees make for a better workplace culture. Financial wellbeing is something which affects everyone and links to all other aspects of our lives. It affects our mental wellbeing, physical health and even our relationships with others.

    So, what better way to improve your company’s culture than to turn your business into a place where struggling with financial burdens is a thing of the past?

    Take some time to think about the culture in your workplace. Does it actively encourage employees to discuss their financial concerns and provide access to financial education services? If you were stressed financially, would you be willing to ask your workplace for help and guidance? If the answer is no, consider investing in your employees’ financial wellbeing by hosting a Financial Wellness Program.

    If you’re interested in booking a Financial Wellness Program, please feel free to contact us on here or by calling 1300 388 285.

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  • Turn your employees into brand ambassadors by promoting financial wellbeing.

     

    We make New Year’s resolutions to better ourselves as individuals, but what about businesses? If you’re an employer looking to take innovative steps to turn your employees into brand ambassadors, January is the perfect time to make a resolution to reach your goal.

    In a time where company culture and work-life balance are key aspects behind employee workplace satisfaction, it’s becoming increasingly difficult for traditional 9-5 jobs to stand out among the rest. In fact, 57% of people reported that benefits and perks were among their top considerations before accepting a job. Add to this the fact that 45% of millennials are planning to leave their jobs soon or within two years and the need to make your business a place where employees want to work becomes crystal clear.

    And why wouldn’t you want your employees to be content and proud of where they work? After all, no one makes a better brand ambassador than an employee. Your employees can make or break someone else’s opinion of your company simply by sharing their workplace experiences during general day-to-day conversations. So it only makes sense that by keeping your employees happy, your business will be more successful. In short, satisfied employees will not only result in a more productive workplace, they will also help you attract future customers – often without even realising they’re doing so.

    Why should I worry about employee financial wellbeing?
    When thinking about how to decrease stress and encourage wellbeing and happiness in your employees lives, financial wellbeing is a great place to start.

    The effects of low financial wellness costs Australian businesses an estimated $33 billion per annum. Sickness, lack of concentration, low productivity and stress are all symptoms of low financial wellness.

    60% of employees’ report that their level of financial wellness dramatically improves once a Financial Wellness Program has been implemented – but whilst the majority of employers see these programs as extremely valuable, only 15.2% of Australian employers offer Financial Wellness Programs.

    Financial Wellness Programs are more beneficial than monetary bonuses, as studies find that traditional financial rewards only provide short-term motivation, leaving no lasting effect on employees opinion of a company. Implementing a program that will improve an employee’s level of financial wellness equips them with knowledge that will last them a lifetime, as well as immediately reducing their financial stress, leaving them happier, healthier and more willing to share the great experiences they’ve had working for you.

    What if my employees aren’t financially stressed?
    The need for financial wellbeing affects all of us equally, with 85% of Aussies admitting that they’re always on the lookout to improve their financial situation.

    53% of workers admit to feeling extremely stressed about their finances, meaning that most of your workforce is probably in this boat. But this doesn’t necessarily mean that the rest of your employees have high financial wellness – it just means that they aren’t currently stressed about money.

    Most of the time, we don’t realise how low our level of financial wellness is until life throws us a curve-ball. Take for example, millennials. Only 34% of millennials are unsatisfied with their current financial situation, however nearly 50% don’t believe that they could come up with $2,000 if an unexpected need arose within the next month. That leaves 16% of people who thought their finances were in order suddenly unable to raise funds in an emergency!

    Financial wellbeing is a growing trend among top employers.
    Take a look at the top Australian companies that employees most want to work for and you’ll notice that many of them have something in common – promoting financial wellbeing. Marriott Hotels & Resorts Australia and Adobe Systems (both listed in Great Place to Work Australia’s 2017 report) have Financial Wellness Programs in place, and credit their employees’ happiness to innovative ideas such as these.

    Taking care of your employees’ financial wellness increases their job satisfaction, allowing them to become brand ambassadors and increase the success of your business. It’s just that simple.

    So before locking down your company’s strategic plan and goals for 2018, consider implementing a Financial Wellness Program and let the results speak for themselves. The best programs are tailored to suit your audience’s needs (i.e. life stages, job role), making them beneficial to all those attending.

    If you’re interested in learning more about our Financial Wellness Programs, don’t hesitate to contact us by calling 1300 388 285.

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  • How can a New Year’s resolution for financial wellbeing improve your life in 2018?

     

    How many New Year’s resolutions have you made only to give up on them a month down the track? If you’ve never actually reached your goal for the year, don’t worry – you’re not alone. Statistics from 2016 show that only 8% of people end up achieving their resolution. In fact, a study of Australian New Year goals reveals that 57% of us break our resolutions within the first six months!

    Where are so many of us going wrong?

    I believe that the answer lies in our goal setting. Instead of taking the time to think of a resolution that we need to achieve, we’re pressured into making on the spot decisions (usually brought on by peer pressure to come up with something before the stroke of midnight!).

    This leaves us with goals that are too large to accomplish and, as a result, we become disillusioned and give up on our resolution entirely.

    The most popular resolution among Australians each year is to improve our health. Usually, our promises for becoming healthier revolve around eating better foods and going to the gym. But what if I told you that resolutions like these are just band-aid solutions, likely to fail before the end of the year?

    Think of it this way – you’ve been dealing with chronic back pain for the last six months, so you take painkillers each day to relieve the discomfort. Whilst this alleviates your pain for a while, it doesn’t fix the cause of the problem.

    The solution to the above is of course to consult a doctor or specialist and have your back assessed, where you will likely require treatment or have to complete set exercises to fix it. Continuing with this treatment might be a much lengthier process than the quick-fix above, however in time, your back will recover and be pain-free without the need for painkillers.

    Setting a New Year’s resolution is a lot like this scenario. By making a spur of the moment resolution that only considers our end goal (i.e. being pain-free), we don’t consider the smaller, milestone goals along the way that are essential in getting us there. Without taking these into account, we’ll eventually end up right back to where we started.

    It’s these milestone goals that we should be aiming to achieve in 2018. After all, taking a small step each day is much easier than trying to take on an overwhelmingly large goal and having no idea where to begin.

    So how do we recognise these milestone goals?

    Luckily, these are easy to identify as they almost always revolve around a concept that applies to all of us – financial wellbeing.

    While it might not seem like it, financial wellbeing affects every aspect of our lives. From paying the everyday bills to being unable to afford that dream holiday, money is part of our lives whether we like it or not. Because of this, taking steps to improve our financial wellbeing will ultimately help us reach our larger goals.

    As mentioned earlier, becoming healthier is by far the most popular resolution that is made each year. And when it comes to promoting a healthy lifestyle, we can’t look past stress. A study by WayAhead and comparethemarket.com.au found that 72% of Australians admit that stress affects their physical health, and 64% claim it affects their mental health.

    From insomnia to anxiety and depression, there’s no denying the impact that stress can have on our lives. And with financial issues reported as the leading cause of stress in Australians, the best way to improve your health is to work on your financial wellbeing.

    If you’d like to better your financial wellbeing, the first step is to improve your relationship with your finances. This means understanding your financial situation so that you’re able to make informed decisions when it comes to your money.

    Making a New Year’s resolution to take time out each week to reflect and map out how and where you spend your money will go a long way towards this. Your goal for 2018 could even be something as small as to place $20 into a separate account every week. It might not seem like much, but by the end of the year you’ll have over $1000 saved up to use in case of emergency, increasing your financial wellbeing and giving you a sense of security in the event that something unexpected happens and leaves you in need of funds.

    Think of why your previous New Year’s resolutions have failed and you’ll see that in almost all cases, it was because you were focusing on the broader end result, rather than the little milestone goals that will help you get there.

    This January, ditch your typical New Year’s resolutions and see how much more you can achieve by improving your financial wellbeing.

    If you’d like to know more about how to improve your financial wellbeing or are an employer interested in our Financial Wellness Program, please do not hesitate to get in touch with us by calling 1300 388 285.

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  • How can financial wellbeing help us ‘live the dream’?

     

    Historically, the Great Australian Dream was the belief that home ownership led to a better life and was seen a symbol of both prosperity and success.

    Over time, our understanding of happiness and ‘living the dream’ has changed. A report by the Financial Planning Association (FPA) of Australia (‘Live the Dream’, 2017) found that currently, only 41% of Australians see home ownership as ‘living the dream’. To most of us, living the dream now means having the lifestyle of our choice (57%) and having financial freedom and independence (54%).

    Rather than objects such as a house, we are now placing more value on experiences and the freedom to forge our own path. However, even with these changes, only 1 in 4 Australians describe themselves as ‘mostly’ or ‘definitely’ living the dream.

    But why is this the case?

    48% of us admit that having a low bank balance is holding us back from living the dream. On top of this, many of us admit to having regrets about not saving enough and making poor decisions (with 37% and 30%, respectively). 73% of Australians find it hard to plan their lives, with 36% of us attributing this to not knowing what we want. From this, it’s clear that both money and the self-awareness to see we want from life play a huge role in living the dream.

    So, with so many of us confused about our goals, how do we realise what exactly it is that we want out of life? I believe that the answer lies in financial wellbeing.

    The best part about improving our financial wellness is that it’s unique to everyone, meaning that financial wellbeing is attainable to all – regardless of your bank balance. There are two key aspects to financial wellbeing that come into play when thinking about living the dream: self-awareness and planning.

    Becoming self-aware by recognising your relationship with money is a crucial part of financial wellness. It is through this relationship that you begin to understand your life goals and what truly motivates you. Once you have realised what your goals are, the next step is to create a plan to help you reach your good life.

    With 29% of Australians too time poor to map out a plan for their future, many have turned to using financial advisers. In fact, those who reported themselves to be living the dream are three times less stressed about money and three times more likely to see a financial adviser compared to those who do not see themselves as living the dream. Of those that received financial advice, 79% claimed that their financial wellbeing had improved since seeing an adviser.

    The ability to plan for and reach our goals is undeniably linked to our happiness – making financial wellbeing a major determinant in whether we’ll ever see ourselves ‘living the dream’.

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  • Ex-AFA chief, Brad Fox, joins Tribeca as non-executive chairman.

     

    Boutique financial advice practice Tribeca Financial has appointed former Association of Financial Advisers (AFA) chief executive Brad Fox as its non-executive chairman.

    The advice business said Fox would lead the practice’s next growth phase.

    Commenting on the appointment, Tribeca Financial chief executive Ryan Watson said the appointment indicated the business was heading in the right direction.

    “[Fox’s] experience and leadership, together with his passion for the profession of financial advice, will assist us surge forward with our plans to positively affect more and more people’s lives by helping them achieve their good life, which is our ultimate goal,” Watson said.

    Fox said his role would be to guide the firm’s vision through strategy and structure.

    “Financial advice firms need to have high conviction about what they believe will represent great financial advice in the future as the paradigm for advice continues to change rapidly,” he said.

    “Tribeca Financial have the agility and imagination to identify and capture the growth opportunities that are emerging.”

     

    Article sourced from Financial Observer.

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  • How financial wellbeing fits into our hierarchy of needs.

     

    Whether we like it or not, money is a fundamental part of our society. So why wouldn’t increasing our financial wellness be considered a top priority?

    Although you might not have heard of Maslow, most of us are aware of his concept on the hierarchy of needs. His widely accepted theory states that our needs can be placed into a hierarchy (represented by a pyramid). The lower a need is positioned in the pyramid, the more important it is to our general wellbeing.

    Maslow first published his theory on the hierarchy of needs back in 1943. Back then, the price of bread was around four cents and the concept of financial wellness didn’t exist. Obviously, a lot has changed since then. So why hasn’t this hierarchy changed along with it?

    Many organisations use Maslow’s framework to identify what is important to employees in the hopes of finding solutions to poor workplace performance and stress. Rather than use this current model, we need to take a look at how society has evolved, and come up with a better hierarchy that accurately reflects who we are today. The key to this? Financial wellbeing.

    In the hierarchy, basic needs are seen as the most important, as they have the greatest and most immediate effect on our overall wellbeing and survival. These must be met before other needs higher up in the pyramid can be addressed, and include things such as food, water, rest, safety and security.

    Higher in the pyramid we can see our psychological needs, which are all linked to our relationships with ourselves and others. Finally, at the top of the pyramid, there are our self-fulfilment needs. These include our desire to reach our full potential and achieve personal growth.

    Notice anything missing from here? Our finances aren’t mentioned once. For something that affects so many of us on such a large scale, it would be naive to exclude it from our hierarchy of needs.

    Personal financial issues have consistently been reported as the leading cause of stress in Australians, with 53% of workers claiming that their finances cause them stress. On top of this, 46% of us spend three or more work hours per week thinking about our finances (PWC 2017 Employee Financial Wellness Survey).

    It’s clear that financial wellbeing is important – in fact, I believe that it is a basic need, on par with necessities such as sleep and water. This might sound extreme, but without having a healthy relationship with our finances we jeopardise our ability to meet our other needs.

    58% of us feel stressed about the affordability of food and other basic necessities, while 39% of us are worrying over whether we’ll be able to afford the mortgage or rent. Without financial wellbeing, our access to food, water, rest, shelter and other basic needs are at risk, and our relationships will begin to suffer because of it.

    If the new hierarchy of needs is to reflect our modern society, it must acknowledge that financial wellbeing has become a basic need which must be met in order for us to thrive.

    The first step towards financial wellbeing starts with understanding your relationship with your finances. If you’d like to know more about financial wellness or are an employer and want to enquire about booking a Financial Wellness Program for your workplace, don’t hesitate to get in touch by calling us on 1300 388 285.

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  • How your business can promote financial wellbeing for a more productive workplace.

     

    We believe that everyone deserves to live their good life. To make this happen, we need to combat stress. Research conducted by WayAhead and comparethematket.com.au has revealed that financial pressure is the leading cause of stress in Australia, with 45% of those surveyed stating that their finances cause them to feel stress.

    We always hear about what general wellbeing means to us, but up until recently, there was no research into exactly what financial wellbeing looked like to us as Australians. A recent report by the Centre for Social Impact and Social Policy Research Centre has given us a better idea of what financial wellness means to us, as well as a greater insight into the factors that influence our sense of financial wellbeing.

    The study revealed important information on how we define financial wellbeing. It states that financial wellbeing is when a person is able to meet expenses and has some money left over, is in control of their finances and feels financially secure, now and in the future.

    The report found that the segments that make up a person’s financial wellbeing are heavily influenced by six aspects. Of these, the research suggests that financial capability, financial inclusion, social capital, and income are the strongest determinants of financial wellbeing, meaning that improving these areas are the most likely to enhance a person’s financial wellbeing. If done properly, employees can create a positive impact on all four of these factors, resulting in a happier and more productive workforce.

    Three of these factors – financial capability, financial inclusion and social capital, can be improved through a Financial Wellness Program.

    In the report, financial capability (also known as financial literacy) is seen as a combination of financial knowledge, attitudes and behaviours that are necessary to make sound financial decisions. Financial inclusion is defined as having access to appropriate and affordable financial services and products. Finally, social capital is recognised as a person’s level of social support in times of crisis.

    Financial capability, the most widely acknowledged element when considering financial wellbeing, is thoroughly covered in our Financial Wellness Program. By breaking down our program into three main sections – cashflow, investment and contingency (risk management), we provide your employees with the knowledge necessary to manage their finances. We then go over the importance of planning so that your employees can manage their finances in a way that will allow them to live their ideal life. This can include anything from everyday expenses, managing mortgage repayments whilst still being able to afford holidays, putting kids through secondary school, or having enough money to retire comfortably.

    58% of everyday Australians feel pressure to afford food and basic necessities. 45% of us have concerns about providing for our family’s future. 37% are concerned about paying our mortgages or rent (survey of 1000 Australians by WayAhead and comparethemarket.com.au, 2017). Our programs use these common causes of stress to inspire your employees with scenarios and choices that will be relevant to your employees lives. Gaining a better understanding of their finances through our program gives your employees greater financial confidence and increases their overall financial wellbeing.

    Rather than delivering a stock-standard financial education spiel, the aim of our Financial Wellness Program is to educate employees and build a social support network where employees will feel comfortable to seek help in times of financial uncertainty. This means that by choosing to run our Financial Wellness Program in your workplace, you are immediately improving your employees’ financial inclusion and social capital, just by giving them the option to access our services and support. After attending our program (which is run on site for employer and employee convenience) your employees will have improved three of the key factors that can hinder financial wellbeing. Our Financial Wellness Programs are tailored to suit each workplace’s individual needs and run for approximately 45 minutes.

    The final issue that determines financial wellbeing is income. Whilst the amount of income is a concern for some, financial wellness is strongly affected by income stability. Because of this, simple actions such as letting an employee know how they are performing, that their job is secure and that they are valued, will see your workplace positively impact the fourth major cause of low financial wellness.

    In a time where your company’s culture is one of the most important aspects for both attracting new candidates as well as retaining current employees, promoting financial wellbeing is a sure-fire way to establish your organisation as a thought leader in wellness.

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  • Thinking of returning to work after maternity leave? Here’s what to consider.

     

    Whilst some women don’t return to the workforce after having a child, some are excited to get back into the swing of things as soon as possible. But in between organising childcare and trying to find time to balance work and mum duties, things don’t always go according to plan.

    Because of this, a great option for new mums is to return to work with fewer hours. The ABS (2006) reported that more than eight in every ten women who returned to work after the birth of a child did so on a part-time basis, making it an extremely popular choice for Australian women. If you are the parent or carer of a child who is of school age or younger, you’re entitled to request flexible working arrangements from your employer under the Fair Work Act.


    Suggestions to ask your employer for an easier transition back into the workplace include part-time work, working from home, flexible starting and finishing times and setting limits on working outside of normal hours. Whilst your employer must seriously consider your request, it can be refused on several reasonable business grounds.

    If you are considering child care as an option, it is important for you to look at the costs involved. For some, the price of childcare has increased to the point where going to work isn’t worthwhile financially. There are several types of childcare centres, some being in high demand, making it important to organise which centre you want to enrol your child in as soon as possible. Research suggests that 1 in 10 mothers feel guilty about having their children in childcare, which can make your transition back into the workforce difficult.

    See if your employer will let you take an extended lunch break so that you can visit your child at childcare. This can be beneficial for both you and your child, and will help ease you back into your work routine.

    Another important thing to think about before returning to work is breastfeeding. The Australian Breastfeeding Association recommends discussing your breastfeeding needs with your employer at least two months before you return to work. Most commonly, women who return to work after having a baby use a mix of breastfeeding before and after work, as well as expressing milk whilst at work, so that they can have a supply to leave for their baby to be bottle-fed whilst they’re working. Once you have decided how you would like to breastfeed, your employer can make the necessary arrangements to allow this to happen (for example, allowing you to have breaks throughout the day so that you can express).

    When returning to work, the most important thing to remember is that you are protected under multiple laws, making it illegal for employers or co-workers to discriminate against you because you are pregnant, breastfeeding or have family responsibilities.

    Unsure about how maternity leave and returning to work will affect you financially? Our advisers can help – feel free to get in touch today!

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  • Financial wellness goes hand in hand with financial advice.

     

    We’re not going to sugar coat it. Money plays a huge part in our lives. Is it the most important aspect of life? Not by a long shot. Even so, there’s no denying that it’s an important aspect of everyday life.

    46% of us even spend three or more work hours per week thinking about our finances (PWC 2017 Employee Financial Wellness Survey). But despite what you might have heard, it isn’t the amount of money you own that determines your happiness – it’s how well you utilise the money you have, regardless of how much that is.

    We’ve mentioned previously about how low financial wellness results in poor workplace performance, but financial wellness affects much more than just our working lives.

    In fact, financial wellness impacts all aspects of life – from our physical and mental health, right through to the relationships we have with our family and friends.

    When you stop and think about it, this makes sense. After all, financial stress is the number one cause of relationship breakdown in Australia (Relationships Australia, Relationships Indicator Survey 2011). Feeling like we aren’t in control of our finances causes us unnecessary stress and frustration, which often manifests in arguments with our significant other. 70% of couples who argue over money report that it causes tension in their relationships. On top of this, the stress that comes from low financial wellness can result in mental health issues such as anxiety and depression, which can in turn affect our physical health.

    It’s easy to see the influence that financial wellness holds over our overall wellbeing.

    To achieve high financial wellness, we need to have a greater understanding of our finances and financial situation. It is for this reason that financial wellness goes hand in hand with financial advice. Over 56% of people with a superior financial wellness have a dedicated financial adviser, along with 41% of those considered to be financially well also seeing an adviser. In comparison, over 99% of people who are financially unwell have either never seen an adviser or no longer see an adviser (WSSA Workplace Financial Wellness Index 2016).

    This high correlation between financial wellness and use of financial advisers shows just how valuable receiving advice can be for both your financial wellness and overall happiness.

    If you’re willing to start the journey towards your good life, we’re ready to map out the path to get you there. Contact us by calling 1300 388 285 to find out more about Tribeca’s tailored financial advice, custom made to suit your goals and needs.

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  • The effects of financial wellness in the workplace.

     

    The term wellness refers to a state of health, happiness and prosperity. Similarly, ‘financial wellness’ is characterised as having a healthy relationship with your finances by understanding how you can spend and save your money thoughtfully.

    Stress, loss of focus, low morale and sickness are all issues that can arise from employees having low financial wellness, causing Australian businesses an estimated $33 billion per annum (according to the WSSA Workplace Financial Wellness Index 2016). In fact, 53% of workers admit to feeling stressed about their finances (PWC 2017 Employee Financial Wellness Survey). Despite this, only 15.2% of Australian employers have a Financial Wellness Program in place.

    We’re walking a tightrope in Australia and nobody wants to admit that there’s a problem.

    So what actions can employers take to promote financial wellness amongst their employees? Fortunately, we at Tribeca are confident we have found a solution in the form of our Financial Wellness Programs. Our programs run for approximately 45 minutes during lunchtimes (we provide lunch) and are held at your workplace for your convenience.

    Our programs focus on relieving financial stress for employees by educating them on good financial habits, resulting in a happier and more productive workforce. During our programs, we’ll guide your employees through:

    – Financial education (broken down into three main sections):

    – Cashflow

    – Investment

    – Contingency (Risk Management)

    – The importance of planning:

    + Managing mortgage repayments to minimise the term of the mortgage, i.e. ideally 15 years or under
    + Affording the holidays of their choice
    + Funding secondary school education
    + Having enough money to enjoy their retirement

    Our Financial Wellness Programs are tailored to suit the audience’s needs (i.e. administration, middle management, executive management), so you can be sure that your employees will gain valuable experience from attending one of these programs.

    If you’re interested in hearing more about our Financial Wellness Programs, don’t hesitate to contact us by calling 1300 388 285.

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  • Financial stress is weighing us down.

     

    According to the 2015 Australian Psychological Society Stress and Wellbeing in Australia survey, 36% of us report having a significant level of stress in our lives. On top of this, 72% of Australians admit that stress affects their physical health, whilst 64% state that it affects their mental health.

    So, what is causing us to feel this way? Of all respondents surveyed, the key theme of money worries was raised in 45% of cases. Financial stress consistently topped the list of worries Australian’s have – regardless of a person’s employment status, making it the leading cause of stress in our country.

    With Sydney and Melbourne being ranked the 14th and 15th most expensive cities in the world, many of us are finding it increasingly difficult to keep up with the cost of living in Australia.

    In fact, an overwhelming 58% of us feel stressed about the affordability of food and other basic necessities, while 39% of us are worrying over whether we’ll be able to afford the mortgage or rent.

    If left unmanaged, long-term, high levels of stress can have a significant impact on our mental health, with stress being a contributing factor to the diagnosis of both anxiety and depression.

    The key to overcoming financial stress is by understanding and managing your money. If you’re feeling overwhelmed by your finances, consider speaking to one of our financial advisers. We’ll be able to draw you a financial roadmap to help you reach your goals, so that you can reclaim your financial freedom.

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  • “People people” – the Tribeca difference.

     

    Everywhere we look we’re surrounded by technology. It’s part of our day from the moment we hit the snooze button in the morning, right up until we’re ready to hit the hay again. And whilst there’s no denying that technology has made our lives easier, there’s some things that artificial intelligence will never be able to replace.

    Financial advice is one of those things.

    Why be lumped in and categorised by an automated system that only sees you as a series of data points (think age, gender, marital status, income) but has no idea of what you aspire to achieve in life? You aren’t a statistic – so why should you be treated like one? After all, how you take your coffee says more about you than your income ever could.

    That’s where we differ from the rest. Rather than looking at you through the same old standard lens of demographic filters, we here at Tribeca Financial pride ourselves on seeing you for who you truly are as a person. By getting to know the real you, we can understand what motivates you and predict what your future needs will be, meaning that we can give you highly personalised financial guidance that works in tandem with your lifestyle.

    Most importantly, we’re “people people” who understand what it means to be human. As the referee on the family board when big decisions are being made, we aren’t afraid to give you honest opinions and feedback to help you make smart financial decisions. Our financial plans take into account what makes you happy and what you care about, so that you can reach your goals whilst still allowing you to live life the way you choose. After all, a good financial plan shouldn’t get in the way of life – it should embrace it.

    From setting up a nest egg for your family to quitting your job to travel around the world and everything in between, we understand that no two people are the same. So as long as you’re dreaming of a brighter future, we can provide the map to get you there. All that’s left for you to do is to start living your good life.

    Get in touch with us on 1300 388 285 or by emailing advice@tribecafinancial.com.au to start your journey to financial wellbeing today.

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  • What to expect when speaking to a financial adviser.

     

    Taking the first step to speak with a financial adviser can seem daunting, especially if you’re unsure of what to expect.

    In your first meeting with one of our financial advisers, we’ll look at both your personal and professional life goals for now and in the future.

    An effective way to start thinking about your own short to long-term goals is to consider your “four L’s”, Life, Love, Learn and Legacy.

    – Life: What lifestyle do you want to have now and in ten years time?

    – Love: What are your important relationships? How will you nurture them and add value to them?

    – Learn: What are your passions that you’d like to get better at, or things you’d like to try in life?

    – Legacy: What do you want to contribute or give back to society or those around you?

    After you’ve discovered your goals, your Tribeca Financial adviser will look at how to best achieve them. By considering your unique financial situation, lifestyle and newly set life goals, your adviser will create a custom plan that’s sure to get you on the right path to achieving your good life.

    Feel free to contact us for more information on life goal setting and developing a strong financial roadmap to live your good life!

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