Financial literacy the key to ‘financial wellness’
There are clear links between financial literacy and perceived levels of "financial wellness", according to new data released by the Workplace Super Specialists Association (WSSA).
The WSSA today released the results of its Financial Wellness index developed in conjunction with CoreData, with WSSA president, Terry Rhodes, saying the survey demonstrated the clear iinks 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 percent)," he 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. Rhodes said the data suggested that financial wellness programs could have a clear benefit for all involved.
The survey showed that despite the costs of poor financial wellness, only 15.2 per cent of the businesses surveyed had implemented a financial wellness program, yet three in five of those that had implemented such programs had seen an increase in the overall financial wellness of their employees over the last six months.
"Employers need to take a look at the data on wellness, as it is both powerful and empowering and is one of the most effective ways of positively impacting the behaviours of employees and how they feel," Rhodes said.
Recommended for you
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.
Despite having less growth potential than other assets, financial advisers have said cash allocations are providing a sense of comfort for clients, allowing them to ride out volatility without sacrificing their lifestyle.
AMP’s advice platform has announced three additions to its managed account menu with the new funds aimed to help advisers with clients’ income protection and fixed income needs.
Wealth technology platform HeirWealth has announced a partnership with Hatch Accountants to support the intergenerational wealth transfer.
