Financial literacy the key to ‘financial wellness’

financial literacy financial wellness

20 September 2016
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

3 days 22 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 1 day ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

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....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 20 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 day 23 hours ago