Your financial wellness could impact your life.
So it’s great to know you have the power to improve it.
Wellness has been a hot topic lately. But did you know that how you feel about your financial situation can affect more than just your personal life? Our latest research takes a closer look at financial wellness – and the results may surprise you.
So what exactly is financial wellness?
In a nutshell, financial wellness is a mindset. It’s formed by the way you evaluate your finances and how that makes you feel. A negative and destructive mindset is known as financially stressed. At the other end of the spectrum, a positive mindset is considered financially secure.
Financial stress could disrupt your work life
We’ve all felt stressed about money at one time or another. But we don’t let that affect our work, right? Our research suggests otherwise.
In 2014 and 2016, we commissioned research into financial wellness in the Australian workplace. We’ve found that financially stressed employees are less engaged, less productive and more likely to leave.
Some people are more at risk of financial stress
Across Australia, around 2.86 million people are suffering from financial stress – that’s 24% of the Australian workforce. And some people are more at risk than others.
Our research shows that financial stress affects:
- 54% of casual workers
- 36% of single parents
- 30% of females.
Life events can be a trigger
Your financial wellness can change depending on your circumstances. So it’s worth knowing the main triggers of financial stress. We’ve found these to be:
- Bad debt
- Home loan
- Supporting the family
You can boost your financial wellness
Setting goals and working towards them can bring big benefits. Our research shows that financially secure employees are significantly more likely to have clearly defined goals that they are actioning.
Source: AMP Financial Wellness Report
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© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.