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Mortgage repayments, coping with the rising cost of living and personal debt are all financial stresses employees across Queensland can face. And, QSuper research shows, almost one in every two would be interested in accessing help at work that could help ease those worries.1
A recent QSuper survey1 canvassed members across the State to better understand what was causing their financial stress. The study showed that overall, members’ feeling of financial wellbeing could be improved, with only a quarter feeling both in control of their current financial situation and confident in their financial future.
While the exact causes of stress were different depending on age, the key concerns that were having the greatest impact on employees’ sense of financial wellbeing were consistent: funding retirement, personal debt, the day-to-day cost of living, and mortgage or rent repayments.
Significantly, 16% of members surveyed who were aged 18-34 listed high house prices as their top financial concern, followed closely by mortgage/rent repayments (11%). In the 35-54 age bracket, mortgage/rent repayments was the second biggest concern behind funding retirement.
The survey also found almost half (47%) of employees were interested or very interested in accessing support for financial wellbeing in their workplace, with a strong preference for face-to-face seminars or one-on-one appointments with a financial adviser.
Educating your employees about their finances and addressing their causes of stress could help them feel more confident about a brighter financial future. We can partner with you to provide tailored financial wellbeing solutions for your staff.
QSuper provides a robust financial wellbeing workplace program that’s available to our employers as well as online finance tools and resources.
Making information available when and where it suits people is important, which is why QSuper also provides general advice where our members work.
1. Survey of 4,565 QSuper members carried out by Colmar Brunton on behalf of QSuper, conducted 6-27 June, 2017
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