With Australia officially in a recession, individuals are feeling the financial pinch. CoreData’s latest COVID-19 survey revealed that those experiencing financial vulnerability and hardship rose from 13.3% pre-COVID to 31.1%.
The below infographic provides further statistics on how financial hardship is impacting our communities:
These individuals are experiencing a situation they did not prepare for and likely need support with.
Financial stress still accounts for the top stressor for Australians with 55% of employees feeling stressed about their finances while they are working. This anxiety can lead to absenteeism, higher staff turnover and general distractions during work hours. Monitoring your employees’ health becomes even harder to monitor and address whilst many work from home.
Whilst companies also may be suffering due to the financial downturn, now is the time to be equipping staff with the tools needed to build robust financial strategies.
We encourage you to provide your people with a variety of financial wellbeing resources; each situation is unique and employers rarely know the full extent of financial hardship any one person may be experiencing.
Benefit3 offer a suite of educational programs, workshops and online resources to address all types of situations.