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9 Tips to Help Your Employees Beat Financial Stress

Updated: Jul 20, 2022

We all know stress is bad news. It takes a toll on our mental, emotional and physical health, not to mention the cost in lost productivity.

According to Medibank, stress-related absenteeism and lack of productivity cost the Australian economy $14.81 billion a year. And one of the biggest causes of stress? Finances. Recent polling from the University of Melbourne found that financial stress is on the rise in Australia, with one in four people suffering mental distress as a result. So, what can you do to help your employees lessen their financial stress?

> First, share the below tips with all your employees, near and far. For education and awareness is the first step to being financially free.

> Second, reach out and start a conversation with Anista to see what opportunities there may be to offer your employees everyday savings.

9 Tips for improving financial health

  • Schedule a “financial health” day. You know how you sometimes take a personal or mental health day (at least, we hope you do!)? Why not do the same for your finances? Schedule in a day to really give your financial situation attention. That's step one. Then…

  • Evaluate your fixed expenses. Spend time assessing your biggest fixed expenses and think about options for reducing them. Can you save on bills by changing phone providers? Do you need to move to a cheaper place or trade in your gas-guzzler for a more economical car? To help you work out where your money is going, here's a handy budget planner from MoneySmart.

  • Automate your savings. Don't wait until you have cash to spare to put it away. Automate it so part of every paycheque goes directly into your savings. Even if it's a small amount, you can sit back and watch your balance grow with much greater consistency.

  • Address your Super. Have you consolidated your super funds? Have you adjusted your contributions and chosen the best investment plan? Giving your superannuation some attention can ensure you maximise your nest egg. A good place to start is using a super calculator like this one to predict your retirement amount – that way, you can make better decisions.

  • Save on health insurance. Signing up for the company health benefits plan can save you big dollars as well as give you access to initiatives that proactively protect your health and wellbeing. Talk to your employer about what's on offer and sign up today.

  • Pay bills on time. Need we say it? Late fees are most definitely money down the drain.

  • Renegotiate interest rates and terms. Get on the phone and call your lender or credit card company – do what you can to make them work for you.

  • Do an advertising detox. Install ad blockers and unsubscribe from all those sale notification newsletters. The best way to resist temptation is to avoid it in the first place!

  • Invest in the things that matter most. Remind yourself that it's ok to spend – just focus your spending on things that bring you happiness, save you time, or contribute to the growth of you and your family.

Thanks to TED for the handy video above. And don't forget that if you'd like to start a conversation with us, just book a call today.

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