- Aussie 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 boss on how to manage their money.
The cost-of-living crisis is continuing to squeeze employees with real wages, adjusted for inflation, rising by just 0.3 per cent during the last financial year.
Vanessa Stoykov, the founder and chief executive of the Evolution Media Group, said workers who had missed out on a significant pay rise should ask their boss to provide them with financial literacy training.
‘Financial wellness programs can offer employees the resources they need to manage today’s financial pressures while planning for a secure future,’ she said.
Ms Stoykov argued adding proper financial training to the list of workplace benefits would have major benefits for companies, ranging from higher productivity to better mental health.
‘Employees should feel encouraged to ask for these programs, knowing that taking steps toward financial security benefits both their own lives and their workplace,’ she said.
But only one in four Australian workplaces provided financial training programs, the Evolution Media Group survey of 25 corporate managers found for firms collectively employing 350,000 people.
Australians who missed out on a decent pay rise are being urged to demand training from their boss on how to manage their money
Vanessa Stoykov, the founder and chief executive of the Evolution Media Group, said workers who had missed out on a big pay rise needed to ask their boss to provide them with financial literacy training
‘Our research shows that while most organisations are implementing some form of financial wellness initiatives, many of these programs are fragmented, lacking personalisation and long-term support,’ the report said.
‘Financial stress remains a significant challenge for employees, impacting their overall wellbeing and job performance.
‘Financial stress not only impacts individual employees but also has a profound effect on the productivity and overall health of the business.’
Poor productivity means bosses have less scope to pass on decent pay rises without having to put up prices, which only makes inflation and the cost-of-living crisis worse.
Evolution Media Group provides financial literacy training to workers at supermarket giant Coles, insurer Allianz, private health insurer HCF, hardware chain Bunnings, Google and City of Sydney council.
