Women are “overrepresented” in low financial wellness indices, according to Workplace Super Specialists Australia research.
The WSSA Financial Wellness index was developed in partnership with CoreData, and essentially defines the extent to which a given person is “free from financial worries” and having the necessary resources to live their “desired lifestyle.”
Those who are deemed financially unwell “typically struggle with the first building blocks to wellness, that is budgeting and debt management.” In this category, 96% of respondents unsurprisingly indicated they were not prepared for the future, and 91% said their finances were out of control.
As above, the majority of this group were women, most of whom WSSA said had poor financial literacy.
WSSA suggested that this gender disparity was potentially due to factors including workplace discrimination, wage ceilings and financial abuse in relationships.
More broadly, the majority of those in the highest financial wellness category (“superstars”) were financially advised (56.6%).
“We know employees who lack financial wellness tend to be more stressed, as observed by more than three in five employers (63.3%),” WSSA president Terry Rhodes said.
“Further, a significant number of employers also noted presenteeism (43.3%), low morale (30%), and absenteeism (16.7%) as other consequences of poor financial wellness.
Published 20 September 2016
By Alex Burke