1 in 4 Australian workers stress about their finances
Financial confidence among Australians has fallen from 54% to 48% in two years.
A new report has found that financial stress affects around one quarter of Australians and is costing businesses $47 billion in lost annual revenue.
New research by AMP for its 2016 Financial Wellness report reveals that 2.8 million Australian employees suffer from stress related to financial concerns, admitting they have low confidence in their monetary standing and find it difficult to make ends meet.
Over the past two years, financial confidence among Australians has fallen from 54% in 2014 to 48% in 2016, despite a significant increase (6.3%) in disposable cash over the same period.
Those who experience financial stress are more likely to suffer stress-related illnesses, which can lead to poorer workplace productivity and potential health concerns.
AMP Director Corporate Superannuation Vicki Doyle says the impacts of financial stress on individuals costs Australian employers around $47 billion in revenue each year.
"It's important we find ways to address levels of financial stress in the workplace. We know the real difference financial goals can make in preventing and overcoming financial stress. Australians who have clearly defined goals are much more likely to be financially secure," she said.
Earlier this year we reported that small business owners stress over cash flow and work-life balance.
AMP's Financial Wellness report claims financially stressed employees lose around 6.9 hours of productive work per week and are absent for about 1.3 hours per week.
Women (30%) worry more about their financial situation than men (19%).
Workers in accommodation and food services are under the highest amount of financial stress (35%), while those in healthcare and social assistance (32%) and administrative services (31%) also suffer high levels of financial stress.
Common triggers for financial stress include bad debt (50%), retirement savings (35%), providing for the family (34%), missing bill payments (32%) and making mortgage repayments (22%).
Brisbane has the highest proportion of financially stressed workers (30%), followed by Adelaide (25%), Perth (23%), Sydney (20%) and Melbourne (19%). Employees in Darwin (18%) and Hobart (16%) are the least stressed about money.
Despite most Aussie workers (80%) having financial goals in mind, less than one fifth (18%) actually have a defined plan in place to achieve their ambitions.
Last month, new studies revealed that Australians suffering from lymphoma, a deadly form of cancer affecting the body's immune system, suffer the highest levels of financial stress in the world.
If you find yourself in tough financial circumstances, don't torture yourself. You're not alone. There are some simple steps you can follow to get your finances back on track.