AMP’s latest Financial Wellness report examines the financial stress experienced by Australians, finding two in five Australian workers are impacted during their careers. Half of those have felt stressed by their finances for an average of 6.5 years or more.
The report says there are 2.44 million Australians suffering financial stress, with the impact on our economy huge. Financial stress is costing businesses an estimated $31.1 billion in lost revenue, since stressed employees take 2.4 sick days more per year off work, and deal with their money problems at work for an hour per week.
Key findings include:
Women are more financially stressed than men (24 per cent of women versus 14 per cent of men)
Adelaide and Brisbane are the two cities with the most financial stress (22 and 25 per cent of workers respectively), followed by Melbourne (20 per cent), Perth (17 per cent), and Sydney (16 per cent)
Workers earning between $50,000 and $74,999 are more likely to experience financial stress, but nobody is immune, with 39 per cent of those earning over $75,000 financially stressed
January and February tend to be the worst months for financial stress
Flexible working hours and being able to work from home improved performance, engagement and financial wellness
Financial stress is more prominent in different occupations - transport, postal and warehousing workers are the most financially stressed (25 per cent), followed by administrative services and hospitality (24 per cent), finance and insurance workers (21 per cent), and then retail, healthcare and social assistance workers (20 per cent)
Single parents are the most financially stressed (35 per cent), followed by those living in share accommodation (31 per cent), regional Queenslanders (28 per cent), and women (24 per cent)
The breakdown of financial stress in our communities:
Five per cent of Australian workers are severely financially stressed
14 per cent are moderately financially stressed
35 per cent are mildly financially stressed
46 per cent are financially secure