New research shows money woes are a source of stress for today, and a blocker for living the dream tomorrow.
According to a paper released by the Financial Planning Association (FPA) of Australia to mark Financial Planning Week (21-27 August 2017)^1, finances are not only a huge source of regret for many Australian workers – they’re also the biggest obstacle to us living the dream.
The study shows that:
- one in three Australians (37%) regret not saving enough
- one in five Australians (19%) regret not investing enough, and
- one in ten Australians (10%) regret investing in the wrong things.
Financial stress at work and home
Such regrets, coupled with a lack of planning, often leads to financial stress. Nearly three in ten Australians admit being extremely or very stressed about their financial situation, with women much more likely than men to be affected.
These major types of stress can have a detrimental impact on a person’s mental and physical health, affecting their attendance, engagement and performance in the workplace^2.
But the news isn’t all bad. Reducing financial stress through good planning and financial management can also have a flow-on affect to your employees’ general happiness and productivity – at home and at work.
According to the FPA study, Australians with the lowest levels of financial stress are those who believe they are living the dream.
The Great Australian Dream
When asked to define the dream, most Australians refer to the ability to live the life they want; a life characterised by financial independence, safety and security for their family, their own home and time to spend with loved ones.
So what’s stopping us? Often, it comes down to money. The biggest blocker is a low bank balance, followed by a lack of time, debt, poor self-belief and planning, and a lack of support.
Helping your employees pursue the dream
Thinking about – and planning for – the future is key to success. We offer a range of information, tools and services which can help your employees feel future ready, including:
- evening education seminars covering a range of important finance and super-related topics including investment strategies, budgeting, debt management and much more
- depending on the size of your organisation, we can even arrange to hold seminars or other education events in the convenience of your workplace
- a range of advice services, including simple phone advice about super at no additional cost
- comprehensive online tools and resources to help your employees take charge of their super and general financial management.
To find out more about how we can support your employees to manage potential sources of financial stress, and help them live the dream, contact your relationship manager or call us on 1300 650 873.
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FPA ‘Live the Dream’ 2017 National Research Report, courtesy of www.moneyandlife.com.au/livethedream ↩
