Why financial wellbeing programs work for employees
14 March 2024
5
min read
A new survey shows that 1 in 2 employees expect their employer to provide financial wellbeing support, or would view such support favorably, but 1 in 5 aren’t even aware of whether their employer offers this support.1
Australian Retirement Trust recently commissioned research with over 1,000 Australians to learn more about attitudes and concerns of Australian workers.
The research revealed 32% (1 in 3) Australian workers would look at an organisation more favourably if they were offered financial wellbeing programs, even though they thought it wasn’t necessarily an employer’s responsibility to do so.
Interestingly 23% (1 in 4) of workers surveyed thought their employers should provide financial wellbeing support. These tended to be younger workers.
The survey also showed that nearly half (49%) of Australians claim their employer doesn’t offer financial wellbeing resources or support for employees, while 20% (1 in 5) were unaware if their employer offered financial wellbeing resources or support.
What employers can do
Employers have no legal obligation to consider employees’ general financial wellbeing. But just as it’s important that employers ensure their workers are supported in their physical and mental health, supporting employees’ financial wellbeing can be good for business.
Having good financial wellbeing can mean workers can feel confident about their lifestyle and financial choices now in order to feel secure about their future.
For employers, implementing financial wellbeing programs can be a great way to show they put their employees first, while also improving productivity and workplace morale.
Workplace financial wellbeing strategies can include:
- Sharing financial wellness information via email and in common areas.
- Organising sessions that cover basic financial wellness including budgeting, tax returns and superannuation.
- Providing an Employee Assistance Program (EAP) that gives employees access to professional wellbeing support.
Here to support your team's financial wellbeing
If you are a QSuper participating employer, we can help you support your employees with education about superannuation with our online resources, workplace talks and more.
Learn more
Not partnered with QSuper? We’re part of Australian Retirement Trust.
We’re here to help you stay on top of your super obligations and guide your employees to help ensure they’re secure, confident and protected. Participating employers can benefit from our:
- secure Employer Online payment facility
- easy-to-use payment clearing house
- specialist support when you need it.
1. Survey of 1000 Australians, carried out by Ipsos on behalf of Australian Retirement Trust, September-November 2023.
This is information is provided for general education purposes only using sources that we believe are reliable and accurate at the time of publication. No responsibility is taken for the accuracy of any of the information supplied and you should seek advice for your circumstances.