fbpx

The effect of financial wellness in the workplace

cashflow, investment, contingency

The term wellness refers to a state of health, happiness and prosperity. Similarly, ‘financial wellness’ is characterised as having a healthy relationship with your finances by understanding how you can spend and save your money thoughtfully.

Stress, loss of focus, low morale and sickness are all issues that can arise from employees having low financial wellness, causing Australian businesses an estimated $33 billion per annum (according to the WSSA Workplace Financial Wellness Index 2016). In fact, 53% of workers admit to feeling stressed about their finances (PWC 2017 Employee Financial Wellness Survey). Despite this, only 15.2% of Australian employers have a Financial Wellness Program in place.

We’re walking a tightrope in Australia and nobody wants to admit that there’s a problem.

So what actions can employers take to promote financial wellness amongst their employees? Fortunately, we at Tribeca are confident we have found a solution in the form of our Financial Wellness Programs. Our programs run for approximately 45 minutes during lunchtimes (we provide lunch) and are held at your workplace for your convenience.

Our programs focus on relieving financial stress for employees by educating them on good financial habits, resulting in a happier and more productive workforce. During our programs, we’ll guide your employees through:

  • Financial education (broken down into three main sections):
  • Cashflow
  • Investment
  • Contingency (Risk Management)
  • The importance of planning: Managing mortgage repayments to minimise the term of the mortgage (i.e. ideally 15 years or under), affording the holidays of their choice, funding secondary school education and having enough money to enjoy their retirement

Our Financial Wellness Programs are tailored to suit the audience’s needs (i.e. administration, middle management, executive management), so you can be sure that your employees will gain valuable experience from attending one of these programs.

If you’re interested in hearing more about our Financial Wellness Programs, don’t hesitate to contact us by clicking here or calling us on 1300 388 285.

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email
Share on print

Read more of our latest articles

Financial Advice

Tribeca’s 2022 mid-year market update

Rising interest rates, escalating costs of living and an unstable property and share market. There’s no point sugar-coating it, it’s not the news anyone wanted to hear. But it’s the reality for households and families around Australia.

READ MORE »
Financial Advice

Why Tribeca’s advice is worth taking

How does our pricing compare to other advice firms in the market? It’s a question we continually ask ourselves and review to ensure we’re providing optimum value. We owe it to our clients – and ourselves – to get it right.

READ MORE »