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
Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand.
The third quarter of 2024 saw the first positive increase in adviser numbers for 12 months, according to the latest quarterly Musical Chairs report, with new entrants overwhelmingly choosing to join privately owned firms.
As more advisers review their fee structures, Business Health has shared six steps to calculating the price to deliver financial advice services in a profitable yet suitable way.
ASIC’s Sarah Court has confirmed the regulator is carrying out systematic work on providers of unlicensed advice but admits it is a case of “whack-a-mole” when it comes to disciplining them.
