Despite working in the industry, 21% of financial workers feel financially stressed according to a new report.
AMP’s Financial Wellness report found financial stress impacts two in five Australian workers during their careers, with nearly half feeling financially stressed for an average of six and a half years or more.
According to the report, there are currently 2.44million Australians suffering from financial stress. It estimates this is costing Australian businesses an estimated $31.1billion per year in lost revenue.
Employees troubled by their financial circumstances take an extra 2.4 sick days per year and spend almost an hour per week dealing with money problems at work.
Workers in the finance or insurance industry were the fourth most likely to experience financial stress from the industries observed.
The most financially stressed group were transport, postal and warehousing workers, with 25% feeling the strain.
Following closely behind, 24% of both administrative services and those in hospitality felt financially stressed.
Below financial services, 20% of both retail workers and healthcare and social assistance workers felt financially stressed.
AMP director of workplace super Ilaine Anderson said January and February can be the worst months for financial stress.
“As the holiday season comes to an end, and credit card bills start to roll in, many Australians will be starting the new year under significant financial pressure,” she said.
“While many people think money worries are a personal issue, our research shows being financially stressed spills into your working life, increasing absenteeism and impacting productivity.
“The research shows if people have well-defined goals and a plan in place to achieve them, they have greater peace of mind. Goals help lift people above the day-to-day expense cycle, allowing a more ‘in-control’, longer-term view.
“People don’t wake up and think ‘I’m going to get a home loan’, it starts with the desire, or a goal, to buy a house.
“Connecting finances with goals helps us engage with our finances, and then having a plan to achieve these goals can significantly ease stress.”
Of Australia’s five largest capital cities, Brisbane was the most financially stressed, with 25% of workers in the region experiencing financial stress. This was followed by Adelaide with 22%, Melbourne with 20%, Perth with 17% and Sydney with 16%.
The demographics showing the highest incidence of financial stress show 35% of single parents are stressed, as well as 31% of those living in shared accommodation, 28% of people living in regional Queensland and 24% of women.