Only 32 per cent of Australians feel that they are “financially well” or better, according to a survey by the Workplace Super Specialists Australia (WSSA).
The survey found 12 per cent felt they were “financially unwell”, 27 per cent had “room for improvement”, and 29 per cent were “on the way to wellness”.
Those who were financially unwell were found to be stressed and overwhelmed, with almost all indicating they were not financial secure for the future, and 50.9 per cent worried about money on a daily basis.
This compared to 50.6 per cent of “superstars” who rarely or never worried about money.
WSSA president, Terry Rhodes, said the survey demonstrated a clear link between employee financial literacy and perceived levels of financial wellness, and financial stress and productivity.
“We know employees who lack financial wellness tend to be more stressed, as observed by more than three in five employers (63.3 per cent),” Rhodes said.
“Further, a significant number of employers also noted presenteeism (43.3 per cent), low morale (30 per cent), and absenteeism (16.7 per cent) as other consequences of poor financial wellness.”
WSSA said the high correlation between financial literacy and financial wellness meant there was an extremely powerful and potent solution that could be used to even out the wellness spectrum.
“Financial wellness programs have a clear benefit for all involved, employees and employers alike, and if we play that out even further, a national benefit,” Rhodes said.
