Financial Stress is costing Australian businesses a whopping $33 billion each year!
The great news is …. it doesn’t have to. If your team are worried about paying the rent or missing the next car payment part of the brain is occupied with that stress. That takes away human capacity for other stuff – like work. Wellbeing, safety, and productivity are significantly affected.
Time to bring in the stats….
Financial stress has been shown to cause a 13-point drop in IQ on average. That’s around 13% for the average IQ. It doesn’t matter how much you earn or how smart you are: if you’re financially stressed, your IQ is affected. Based on a survey of 1,440 Australian workers it is estimated that 12% are classed as financially unwell, being in need of desperate help with budgeting and debt management.
“These large numbers of noticeably stressed, unhappy, and disengaged employees highlight the need for education and financial planning for more Australians in the workplace. These signs should be seen a cry for help, as many employers are noticing non-trivial repercussions from poor financial wellness. “ – Core Data report.
Your employees will be happier and more productive if they’re not worrying about paying the bills, the school fees, or the credit card debt. So, how do you remove financial stress from your team?
(Hint: it’s not by paying them more)
Help them make better decisions through Financial Education and Coaching. A financial wellness program can help your employees get on top of their finances, so they’re able to bring their best contribution to your team. Programs can be customised to suit your needs, all incomes and knowledge levels. To scope your session, click on our Package Programs to see what’s on offer: