In 2016, we surveyed 2,000 Australian employees to identify financial stress triggers and their impact on work performance. The report showed that stressed employees are less confident they will have a comfortable retirement compared to other Australians in the workforce1.
We responded to the research findings by developing a program of activities which can be tailored to your workplace to support your employees by easing the main causes of financial stress.
So what are the main financial stress triggers?
Employees identified five key financial stress triggers:
- Bad debt – A report by AMP.NATSEM into Australian household debt shows that average household debt is now four times what it was 27 years ago, with an average of $245,0002. That’s a large increase putting pressure on family budgets.
- Budgeting – Some people surveyed said that they worried about ’never having any money left after paying for rent, bills and food‘. Successful budgeting can give people confidence by understanding where their money is spent and help them make changes to save for their future.
- Home loans – Mortgage debt makes up a staggering 56% of household debt for owner-occupied dwellings3. A home loan can be the largest debt many people will undertake over their lifetime, and the repayments and length of the loan can sometimes be overwhelming.
- Supporting the family – With growing families and the ever increasing debts, it’s important for people to have financial security and confidence their family will be looked after – should something ever happen.
- Retirement – Many people are unsure about how much super they need for comfortable lifestyle in retirement. While the workforce is changing and people are working longer, creating a retirement nest egg continues to be a source of worry.
What can we do to help
Our financial wellness program is designed to help your staff overcome financial stresses and live their best life. The program ensures your employees enjoy a carefully thought out experience, from using our online tools, speaking to a corporate super expert on-site or attending a workshop or seminar to help employees take the next step.
The program could be tailored to your workplace, and include on-site member experiences and 1:1 sessions with members, where possible. Watch our video to see how we’re bringing financial wellness to life.
Getting the super basics right with AMP
AMP’s support doesn’t just stop with our financial wellness program. It’s important we support your employees from the very beginning to help set up their financial future. We’ve developed a series of communications to send to employees, starting with our welcome and super consolidation program, aimed to educate employees about their super and how they can make the most of their investments. They’ll also receive seasonal campaigns covering super basics, insurance needs and how to boost their super funds for retirement.
Get in touch
We’re here to help your employees reach their goals, no matter what they are. Watch our video to see how AMP can energise your workplace and support your employees.
Interested in our financial wellness program? Contact your AMP account manager or your adviser to discuss how your employees could benefit from our financial wellness tools and education.