• Personal
  • Employers
  • Advisers
  • Calculators & forms
  • News Hub
  • Contact us
QSuper QSuper
  • Products
    • Why QSuper
    • Can I join QSuper
    • Investment options
    • Fees
    • Financial advice
    • Compare us
    • Insurance
    • Account types
      • Accumulation account
      • Transition to Retirement Income account
      • Retirement Income account
      • Lifetime Pension
      Why QSuper?

      A focus on long-term performance

      More reasons to feel good
  • Super
    • Grow your super
      • Salary sacrifice
      • Super co-contribution
      • Voluntary contributions
      • Spouse contributions
      • Contribution caps
      • Tax deductions
    • Self-Managed Super Funds (SMSFs)
    • Consolidate your super
    • Find your lost super
    • Changing jobs
    • Nominate beneficiaries
    • Early access
      • Claim a death benefit
    • Seminars and education
  • Retirement
    • Why retire with QSuper
    • Retirement accounts
      • Transition to Retirement Income account
      • Retirement Income account
      • Lifetime Pension
    • Retirement planning
      • Make your super last in retirement
      • The Age Pension and Super
    • How much super do you need to retire
    • Access your super
      • When can you access your super
      • Proof of identity
      • Withdraw your super
    • Seminars and education
      Award-winning

      Our Lifetime Pension won Canstar's Innovation Excellence Award 2023

      Find out more
  • Investments
    • Investment options
      • Lifetime
      • Diversified and asset class
    • Performance
      • Overview
      • Graphs
      • Unit prices
    • Online investment advice
    • Change your investment options
    • How QSuper invests
    • Investing your super
  • Insurance
    • Insurance options
      • Income protection
      • Total & permanent disability cover
      • Death cover
    • How much insurance cover do you need
    • Change or cancel your insurance
    • Make an insurance claim
      • Death benefit claims
  • Advice
  • Calculators & forms
  • News Hub
  • Contact us
Join
  • Call
Join Log In - Open navigation
Member Online

Forgot username?
Forgot password?
Register
 
Upcoming outage

Due to required maintenance, Member Online will be unavailable from 9:00 pm, Friday 9th May until 12:00 pm, Saturday 10th May. We apologise for any inconvenience.

Navigation

QSuper
  • Personal
  • Employers
  • Advisers
  • Search
  • Join Log In
  • Products Expand
    • Why QSuper
    • Can I join QSuper
    • Investment options
    • Insurance
    • Fees
    • Financial advice
    • Account types Expand
      • Accumulation account
      • Transition to Retirement Income account
      • Retirement Income account
      • Lifetime Pension
    • Compare us
  • Super Expand
    • Consolidate your super
    • Grow your super Expand
      • Salary sacrifice
      • Super co-contribution
      • Voluntary contributions
      • Spouse contributions
      • Contribution caps
      • Tax deductions
    • Find your lost super
    • Changing jobs
    • Nominate beneficiaries
    • Early access Expand
      • Claim a death benefit
    • Seminars and education
    • Self-Managed Super Funds (SMSFs)
  • Retirement Expand
    • Why retire with QSuper
    • Retirement accounts Expand
      • Transition to Retirement Income account
      • Retirement Income account
      • Lifetime Pension
    • How much super do you need to retire
    • Retirement planning Expand
      • Make your super last in retirement
      • The Age Pension and Super
    • Access your super Expand
      • When can you access your super
      • Proof of identity
      • Withdraw your super
    • Seminars and education
  • Investments Expand
    • Performance Expand
      • Overview
      • Graphs
      • Unit prices
    • Investment options Expand
      • Lifetime
      • Diversified and asset class
    • Online investment advice
    • Change your investment options
    • How QSuper invests
    • Investing your super
  • Insurance Expand
    • Insurance options Expand
      • Income protection
      • Total & permanent disability cover
      • Death cover
    • How much insurance cover do you need
    • Change or cancel your insurance
    • Make an insurance claim Expand
      • Death benefit claims
  • Advice
  • Your account Expand
    • Super Expand
      • Transactions
      • Statements and History
      • Consolidate
      • Add to Super in Retriement
      • Investments
      • Performance
      • Financial Advice
      • Insurance
    • Profile Expand
      • Personal details
      • Security
      • Authorities
      • Employer
      • Beneficiaries
    • More Expand
      • Contact us
  • Calculators & forms Expand
    • Superannuation & Retirement Calculators Expand
      • Super and retirement planning calculators
      • Retirement planning
      • Insurance
      • Maximise your super
      • Savings
      • Investing
    • Forms Expand
      • All
      • Forms for claims, withdrawals, and transfers out
      • Forms for deposits, contributions and transfers in
      • Insurance forms
      • Investments
      • Transfer
      • Other forms
    • Publications Expand
      • PDS
      • Guides
      • Annual reports
      • Factsheets
      • Other publications
      • Target Market Determination
  • News Hub Expand
    • Category Expand
      • News
      • Superannuation
      • Retirement
      • Finances
      • Investments
      • Community
      • Wellbeing
      • Employer
  • Contact us Expand
    • Email QSuper
    • Language assistance
    • Browser support
    • Formal enquiries and complaints
    • FAQs – Frequently Asked Questions

News Hub

All Articles News Superannuation Retirement Finances Investments Community Wellbeing
News Hub Employer

Is poor employee financial wellbeing costing your business?

Employer
16 March 2020 5 min read

Employees applauding

Why supporting employees’ financial wellbeing is good business

Employers have many legal responsibilities when it comes to taking care of their employees’ superannuation, but what about considering their wider financial wellbeing, or lack thereof? How might this impact on the productivity and profitability of your business?

While employers have no legal obligation to consider employees’ general financial wellbeing, recent research conducted by QSuper revealed that supporting employees in this way is likely to add value to your business.

The survey1 of more than 3,500 workers sought to understand what their major financial concerns were, whether these affected their capacity to work efficiently and how employers could help address these.

The results of the survey formed the QSuper Financial Wellbeing in the Workplace Report, August 2019. It revealed that an overwhelming 95% of respondents admitted to having at least one area of financial concern in their lives.

And what’s more telling is that the report found almost 47% of all workers spent over three hours a week worrying about their finances at work.

Workers' top financial concerns

When it comes to money worries, the survey revealed that nearly 65% of employees said they were most concerned about the rising age of retirement and exactly how they would fund the lifestyle they want when it came time to retire.

Workers were also extremely concerned about the rising cost of healthcare and how they would be able to afford it. They also spend time worrying about insurance costs and changes to the Age Pension entitlements and eligibility rules.

The cost of petrol and the amount of superannuation they do or don’t have was also causing real angst for workers of all ages.

How workers' financial worries affect businesses

Full-time employees spend a lot of time at work, so it makes sense that they may inadvertently bring their concerns with them.

In addition, nearly one-third of respondents admitted that financial stress was impacting their ability to sleep. A further 34% said they actually worked hard to avoid thinking about their finances because it caused them such distress.

As well as potentially reducing productivity, if an employee’s mind isn’t 100% on the task at hand it may lead to inaccuracies or inefficiencies. Inattention could also increase a worker’s chance of having an injury or accident, or a deterioration of their mental health.

Supporting your employees’ financial wellbeing is one way to show you put your people first, while also improving productivity and workplace morale.

How a great super fund can benefit business

Just as it’s important that employers ensure their workers are supported in their physical and mental health, through flexible working hours, counselling services and even gym memberships, supporting employees’ financial wellbeing is good business.

Having good financial wellbeing means your employees can feel confident about lifestyle and financial choices now in order to feel secure about their future. Whereas those with poor financial wellbeing feel more insecure about and unsure about their future.

The QSuper survey also asked respondents whether they’d be open to receiving some help or support in regard to their financial wellbeing.

About two-thirds of workers said they would welcome their employer providing access to financial education and wellbeing programs, with almost half of all respondents stating that such an offer would raise their opinion of their organisation if this were offered.

Providing financial wellbeing support for staff

Survey respondents were asked if they had received, or been offered, any financial wellbeing support from their employer. About 38% of workers said their employer was already providing them with assistance in this area.

Of those workers who did attend a financial education activity, or event organised by their employer in the past year, 78% said they felt more positive.

Looking deeper into the positives, the report found 31% of workers felt more positive about their financial future, 25% felt more in control of their current finances, and 22% said they had made positive changes in their finances as a result of receiving help from their employer.

A further 22% said being offered financial wellbeing support from their employer allowed them to set clearer goals for their future.

Heart

Supporting employers to help workers

Good super funds work hard to support employers who nominate them as their default super fund for employees.

QSuper partners with businesses of all sizes in order to provide their staff tailored financial wellbeing solutions with a view to improving their feelings of positivity with regard to their financial future.

Workplace finance programs for staff

QSuper’s free comprehensive workplace seminar program covers a range of finance topics to suit employees at any stage in their career, from those just starting out, to older workers nearing retirement age. These talks usually last between 15 and 60 minutes depending on the topic being discussed.

Easy super online tools and resources

QSuper also has a number of online tools and resources that employees can utilise. These include informative videos, a range of useful calculators and articles on industry news.

Don't fear finance

QSuper works with employers to offer superannuation education for employees that may actually help improve their feelings about their financial future and have a tangible benefit on their finances.
Speak to a QSuper Business Development Manager to learn more about our financial wellbeing resources and how we can tailor these to your specific workplace.

 

Partner with QSuper today

It's easy to make QSuper your default fund. Contact us or request a call and we'll talk you through the process.

Request a call


1. Survey of 3,554 Queensland-based workers conducted in July & August 2019 by Ipsos, commissioned by QSuper.

All Articles News Superannuation Retirement Finances Investments Community Wellbeing
  • Our products
    • Why QSuper?
    • Investment options
    • Fees
    • Insurance
    • Financial advice
  • Super & retirement
    • How much do you need?
    • Grow your super
    • Consolidate
    • Changing jobs
    • Seminars
    • Access your super
  • Investments
    • Performance
    • Unit prices
    • Graphs
  • Calculators & Forms
    • Calculators
    • Forms
    • Publications
    • PDSs
    • TMDs
    • Member Outcomes Assessment
  • Contact us
    • 1300 360 750
      Mon-Fri 8.00am to 6.00pm AEST
  • About us 
  • Careers 
  • Sitemap 
  • Privacy 
  • Security 
  • Disclaimer 
  • Terms and conditions 
  • Disclosure 
  • MySuper product dashboard 
We're part of Australian Retirement Trust
2020 awards
Facebook LinkedIn YouTube

The information on this website contains general information only. It doesn’t consider your personal objectives, financial situation, or needs. Before making any decisions about QSuper, you should read the relevant Product Disclosure Statement (PDS) and Target Market Determinations (TMD) to consider whether the product is right for you.