- Australian workers urged to demand money management training
Australian workers who missed out on a decent pay rise are being urged to demand training from their bosses on how to manage their money.
The cost of living crisis continues to put pressure on employees with real, inflation-adjusted salaries rising just 0.3 per cent over the last financial year.
Vanessa Stoykov, founder and CEO of Evolution Media Group, said workers who had missed out on a significant pay rise should ask their boss to provide them with training in financial education.
“Financial wellness programs can provide employees with the resources they need to manage current financial pressures while planning for a secure future,” he said.
Stoykov argued that adding proper financial training to the list of workplace benefits would have significant benefits for businesses, ranging from increased productivity to better mental health.
“Employees should feel encouraged to apply for these programs, knowing that taking steps toward financial security benefits both their own lives and their workplace,” he said.
But only one in four Australian workplaces offer financial training programs, Evolution Media Group’s survey of 25 corporate managers for companies that together employ 350,000 people found.
Australians who missed out on a decent pay rise are being urged to demand training from their bosses on how to manage their money.
Vanessa Stoykov, founder and CEO of Evolution Media Group, said workers who had missed out on a big pay rise should ask their boss to provide them with financial literacy training.
“Our research shows that while most organizations are implementing some form of financial well-being initiatives, many of these programs are fragmented and lack customization and long-term support,” the report says.
‘Financial stress remains a significant challenge for employees, affecting their overall well-being and work performance.
“Financial stress not only affects individual employees but also has a profound effect on the productivity and overall health of the company.”
Low productivity means employers have less room to approve decent wage increases without having to raise prices, which only worsens inflation and the cost of living crisis.
Evolution Media Group provides financial training to workers at supermarket giant Coles, insurer Allianz, private health insurer HCF, hardware chain Bunnings, Google and the City of Sydney Council.