Financial wellness – what’s the problem?
Since we conducted research on financial stress triggers in 2016, we’ve been working with clients to improve the health and wellbeing of employees to reduce the impact on the businesses they work for.
Director of Corporate Superannuation at AMP, Vicki Doyle, says the estimated annual cost in lost revenue to employers equates to $47 billion1.
We’ve been keeping you informed of developments in the program over the last two years. Now, as we evolve the program for 2018, let’s look back at how we’ve helped your employees over the past year improve their lives.
How AMP has helped in 2017
Here are some of the measures we’ve launched to boost financial wellness during 2017:
Super basics seminars
Throughout the year we’ve held onsite sessions to explain to your employees how to find lost super, how to consolidate their super and to explain how our online portal, My AMP, works, including running through our new online features.
1-to-1 super health checks
We’ve held 1-to-1 sessions with employees to explain salary sacrifice, and to help them find lost super, update their beneficiaries, and review their insurance cover.
Simplify my finances sessions
Our onsite Simplify my finances events featured 1-to-1 sessions with workplace managers and included opportunities for your employees to connect with financial advisers.
Our experts discussed how to implement smart money strategies to help employees stay on top of their bills, achieve their savings goals and spend their money wisely. They also explained Money Manager, the new financial monitoring feature in My AMP.
Retire Right seminars
Our Retire Right seminars helped employees explore their retirement possibilities, whether they’re close to retiring or planning for the distant future. Our 1-to-1 sessions with workplace managers and onsite financial advisers facilitated these discussions.
We brought our mobile Goals explorer experience to employer sites, where our AMP Advice team helped employees explore their goals and consider the role their finances play in achieving them.
SiSU health machines
At AMP, we recognise that physical health and financial wellness can be interlinked.
Our partnership with SiSU Wellness has seen us deliver self-service health monitoring machines to a number of employer sites. The machines enable employees to easily check health indicators such as their weight, height, body mass index, blood pressure, heart rate and risk of diabetes.
What’s coming in 2018
Next year we’re expanding this program by surveying Australian employees about their financial wellness, refreshing our educational material and building more engagement paths.
Get in touch
If you’re interested in learning more about our research into financial wellness or our programs and how we can help your employees reach their goals in 2018, contact your AMP account manager or adviser.
1 Financial wellness in the Australian workplace (AMP) 2016.