The financial wellbeing and mental health of employees are a concern for employers, and it’s not just about wanting the best for your staff. Financial worries can impact workplace productivity and there are legal obligations to ensure the psychological safety of employees.
Two in five Australians spend time worrying about their finances at work1 and under the model Work Health and Safety laws, an employer must manage psychosocial risks (e.g. risks to mental health) at work.2
At ART, we want to understand what affects the financial wellbeing of our members, so they feel financially healthy and can retire with confidence.
Also focused on wellbeing, our partners at SuperFriend transform mental health research into practical solutions for workplaces. In addition, they support employers in fulfilling their legal duty to provide psychologically safe workplaces.
What does the data say?
Recent research commissioned by ART captured insights across respondents’ level of comfort with their finances, along with expectations, preferences and impacts of workplace wellbeing programs.
On a positive note, more than half of the respondents indicated they feel confident managing their finances, yet only a third feel that overall, their financial situation is sound and secure.1
Employers have an opportunity to help improve the financial wellbeing of their workers, with results showing more than half of employees either expect employer support to improve their financial wellbeing or would view it favourably. If their employer was to offer a financial wellbeing program in the workplace, two in five responded they would be interested in participating.1
Of the respondents who have attended financial education in the workplace, 88% said they had experienced positive changes after attending an activity organised by their employer.1
How can we help?
The broad scope of the survey provides insights relevant to the workplace, including reasons for extended leave and planning for career breaks and/or retirement. Additionally, the results can show comparisons between cohorts, such as age, gender and those who identify as Aboriginal and Torres Strait Islander. If you’re interested in the findings of the survey, presentations can be arranged by contacting your Relationship Manager (RM).
Your RM can also provide you with information about our member education program that covers a range of super topics for employees at all stages of their careers. Specific seminars/webinars, such as 'Looking after your loved ones', address some of the concerns highlighted by the survey. For example, only just over one quarter of Australians have adequate personal insurance in place in case their circumstances change unexpectedly.1
We also offer a range of helpful online tools and resources like videos, podcasts, calculators and articles.
How can SuperFriend help your workplace thrive?
SuperFriend is a national not-for-profit organisation focused on helping workplaces support their employees' mental health and wellbeing. Through their annual Indicators of a Thriving Workplace report, details of which we shared earlier this year, they provide essential data, practical insights and a helpful framework for improving workplace mental health.
You can also access their Building Thriving Workplaces booklet, which unveils practical and evidence-based actions to comply with your responsibilities to provide a psychosocially safe workplace. Our partners at SuperFriend offer a wealth of resources for employers, including training for leaders and all staff, which you may be able to access at no cost. Speak with your RM or contact SuperFriend.
1. Survey of 1000 Australians carried out by IPSOS on behalf of Australian Retirement Trust, September to November 2023.
2. https://www.safeworkaustralia.gov.au/safety-topic/managing-health-and-safety/mental-health