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Many Australians facing financial stress

Published: February 8, 2017

Australia workers often feel under financial pressure, according to a nationwide survey.

Research conducted by Kantar TNS for AMP surveyed around 2,000 workers from across Australia and found only 48 per cent feel confident about their current financial situation – a six per cent fall compared to 2014.

It was also revealed that financial stress could be costing the country’s business around $47 billion in lost revenue because of the pressures faced by staff members.

The average financially stressed worker took an extra four sick days a year, as well as being more likely to have reduced productivity time even when at work because of the increased stress and worry.

“Employers can help their employees to bring clarity and shape to their financial goals by supporting financial wellness in the workplace. If employees have well-defined goals and a plan to achieve them, they are less likely to experience financial stress, helping them to be more productive,” explained Vicki Doyle from AMP.

The research also found differing levels of stress amongst employees depending on the industry they worked in, with those in employed in the accommodation and food services the most likely to experience financial worries.

With recent advances in technology, it has become easier for firms to facilitate flexible working practices, especially for those returning to work after sick leave.

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