A recent research study by life insurer TAL has highlighted the impact of financial stress on employees and the role of financial literacy in mitigating it.
The study – titled ‘TAL Financial Health and Literacy Whitepaper’ – underscores the link between financial literacy and stress, emphasising the need for employers to provide financial education.
Of 800 respondents with superannuation accounts, 25 per cent experienced high financial stress, with 40 per cent reporting negative work performance effects.
Additionally, 41 per cent took time off work to address financial issues, showing a correlation between financial stress and decreased job engagement, focus, and job security concerns.
Despite 82 per cent wanting access to financial education resources, only 15 per cent receive them from their employers.
In response, TAL has introduced ‘TAL Employer Assist’, an online hub for superannuation partners. This platform offers tools and resources to promote financial literacy and overall well-being among employees.