An AMP study shows that financial stress impacts 1.8 million Australian workers, with nearly half feeling stressed for an average of six-and-a-half years or more. That’s costing the economy some $30.9 billion annually due to employee distraction and absenteeism – and COVID-19 could see that figure increase by $4.4 billion.
“Australians continue to suffer the debilitating effects of financial stress, which is taking a huge personal toll on mental and physical wellbeing, particularly for younger women and single parents,” said AMP director of workplace super Ilaine Anderson.
“This is spilling into work with stressed employees worried and distracted, and not performing at the levels they’re capable of, or they don’t turn up at all. The combined effect is costing Australian businesses billions each year.”
The study – which has been running since 2014 – confirms that financial stress is the leading cause of stress in Australia, sitting above family dynamics and personal health. More than a third of Australians find dealing with money, or even thinking about it, stressful and overwhelming.
AMP suggests that employers could provide some form of financial education, and that employees place an average value of $1,300 on financial education provided by employers.
“There is a very real opportunity for employers to offer more financial literacy and education programs to their people, and increase awareness if they already exist – to help them understand and engage with their finances, set goals, put plans in place, and then achieve their desired financial outcomes through informed decision making,” Ms Anderson said.
“The benefits will be seen through improved wellbeing, a more present and engaged workforce and, ultimately, in the performance of their businesses and wider economy.”
As an adviser who is in the process of exiting AMP I can say that every one of the over 50 “mistakes” I have heard of from similarly placed planners has favored AMP — which means they aren’t mistakes. They are the most dishonest organisation in Australia and to listen to them mention that financial stress is negatively impacting people whilst they are putting people in hospital with mental health issues is beyond a joke.
May their senior management of De Ferrari and Wade get what is deserved to them via karma.
This article is the equivalent of saying
“I only hit you because I love you”
The A in AMP stands for abuse.
What a pack of complete dopes! AMP, do yourselves a huge favour and just keep quiet for a while.
Just deluded. Honestly.
AMP do have a good understanding of “systemic issues”. But yes, I’m not sure why AMP bother, they have no credibility in the sector or the community.
I mean honestly, what can you say about some of the things that come out of AMP at times. Maybe work on the stresses you cause your own employees and advisers AMP.
The irony of AMP talking about the impact of financial stress on Australians when they have dismissed majority of their advisors, sold them dodgy books and placed them in bad situations, made a copious amount of loyal employees redundant and rorted their superannuation clients with overpriced fees.
I wonder how much of this financial stress has been caused by AMP.