Brisbane deemed most financially stressed city followed by Adelaide and Perth
A recent study has revealed that more than one in four workers in the transport, postal and warehousing sector are experiencing financial stress this year despite an increase in disposable cash in the country.
The research reveals that financial distress in the transport sector is on par with education and training, with 24 per cent workers in both industries admitting they are finding it hard to make ends meet.
The study indicates that less than half of the national workforce feels confident of its financial positions, with over 2.8 million employees feeling the pinch in 2016.
The data is based on a study conducted by AMP for its 2016 Financial Wellness report that surveyed over 2000 Australian employees.
The results of the survey show that financial stress costs Australian businesses $47 billion in annual revenue.
AMP director corporate superannuation Vicki Doyle says financial stress not only affects an individual’s personal life but it also has an impact on business productivity.
The report states that on an average financially stressed employees lose 6.9 hours of productive work per week and are “absent” 1.3 hours per week due to stress-related issues.
“People who experience financial stress are more likely to be unable to work due to stress-related sickness, which can affect their health and morale in addition to lowering workplace productivity – at an estimated cost of $47 billion in lost annual revenue for employers,” Doyle says.
Highlighting the importance of setting financial goals, Doyle says: “Employers can help their employees to bring clarity and shape to their financial goals by supporting financial wellness in the workplace.
“If employees have well-defined goals and a plan to achieve them, they are less likely to experience financial stress, helping them to be more productive.”
The study reveals Brisbane is the most financially stressed city in Australia, with 30 per cent workers experiencing financial stress, followed by Adelaide (25 per cent), Perth (23 per cent), Sydney (20 per cent) and Melbourne (19 per cent).
Out of the surveyed employees, 54 per cent of casual workers admit being financially stressed compared to 22 and 27 per cent of full-time and part-time workers, respectively.
It also suggests that women were 30 per cent more likely to experience financial stress compared to men (19 per cent).
The study indicates the most common triggers for financial stress includes bad debt (accounting for 50 per cent of stressed workers), saving for retirement (35 per cent), closely followed by providing for family (34 per cent), missing bills (32 per cent) and making mortgage repayments (22 per cent).