The effect of financial wellness in the workplace
Posted on October 23 2017
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):
- 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 and having enough money to enjoy their retirement
If you’re interested in hearing more about our Financial Wellness Programs, don’t hesitate to contact us by calling 1300 388 285.