Australia’s employee financial wellness [Report]

Australia: A nation of savers or spenders?

How do Australians manage their money? Where do they turn to for financial advice? And how do they budget for a rainy day? With inflation soaring, these questions are more pressing than ever —especially for employers looking to maintain employee wellbeing and engagement. Research shows that employee financial stress is a major workplace issue that costs Australian businesses $30.9 billion annually due to employee distraction and absenteeism¹.

• Almost 1 in 2 (46%) of Australians struggle to pay for regular expenses like rent and food before payday.

• 3 in 4 Australians have difficulty budgeting for expenses each month

• 90% of Aussies have outstanding short-term debt.

1. HRD Australia, 2022. A rising tide of financial stress is drowning Australia’s workers

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