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RC took its toll on fin services workers
It seems as if the Royal Commission has taken its toll on the financial services industry, with over a quarter of industry workers experiencing extreme levels of stress, and just one in eight highly engaged with their work, according to SuperFriend’s Financial and Insurance Services Industry Profile Report.
The report, which was conducted shortly after the Banking Royal Commission, found workers in the financial and insurance industries were less engaged, with just 13 per cent feeling highly engaged compared to the national average of 19 per cent.
Almost a third of financial services industry workers reported experiencing job insecurity, rising to four in ten of those working in the insurance sector.
Thirty-four per cent of financial services employees said lack of time was the biggest barrier to employers improving mental health and wellbeing in the workplace, while 29 per cent said their managers lacked the appropriate skills.
SuperFriend’s chief executive, Margo Lydon, said the research was carried out at a time of unprecedented change and uncertainty for the industry, and many employees in the sector would have felt the effects of the Royal Commission on a very personal level, which could have impacted their mental health.
“Not only is the Financial Services sector a highly competitive market, the current environment has made workers feel ambiguous about where the industry is headed, and they worry about job security,” she said.
“With the prospect of greater regulation and compliance pressures in the industry making roles more complex, a key focus for employers should be creating job designs that enable employees to bring their best self to work.”
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
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