TAL's latest Financial Health and Literacy Whitepaper highlighted the impact of financial stress on employees' wellbeing, performance, and workplace productivity and how quality financial literacy resources can help alleviate their stress.
The research surveyed 800 participants who are employed and have a superannuation account. It revealed that one in four respondents (25%) were experiencing a high level of financial stress, with 40% saying high financial stress has negatively affected their work. Moreover, 41% of the respondents who were experiencing a high level of financial stress said they take time off work to deal with their financial issues.
The report revealed a link between financial literacy and financial stress, reflecting the significant role of employers and superannuation funds in addressing knowledge gaps.
“Alongside our superannuation fund partners, we are committed to supporting positive health outcomes for members,” said Dan Taylor, general manager, industry fund partnerships, at TAL. “We also recognise superannuation funds are looking to build value into their relationships with employers and employer groups to augment their existing programs to support employee wellbeing.”
While 82% of respondents said they would benefit from having access to financial education and tools, regardless of how confident they feel about the future, only 15% said they have been offered these by their employer.
“Our research shows that increasing an employee's financial literacy is one of the best ways to help them lower their financial stress, which is in line with what we're seeing elsewhere around the world. This represents a real opportunity for employers to provide tools and resources to help them understand and be better informed in making decisions to improve their financial health,” Taylor said. “Supporting the financial wellbeing of employees can involve helping them understand when they may be impacted by financial stress, access the right expertise, and take action if needed.”
TAL launched TAL Employer Assist, an online hub for exclusive use by TAL's superannuation partners, to address knowledge gaps. It includes tools and resources TAL superannuation partners can share with employers to benefit employees and promote greater financial literacy and overall financial health.
“We're committed to supporting our partners in delivering relevant tools and resources for their members and employer partners – including claims and health data insights of their workforce – and increasing understanding of the value of insurance to ensure more Australians can make informed decisions on their financial health,” Taylor said.
TAL's financial adviser education platform recently launched a new series to help advisers better support their clients experiencing vulnerability.
