Our workers are the nation’s most cash stressed
QUEENSLAND workers are the most financially stressed in Australia with new research revealing money concerns is costing Australian businesses $47 billion each year.
The 2020 Gallagher Financial Confidence Report shows the major causes of financial stress for Australian employees include unexpected costs, insufficient savings and rising living expenses.
About 70 per cent of people have admitted to worrying about or spending time dealing with money at work, irrespective of their position or level of income.
This is costing employers more than $47 billion each year, according to the research conducted by the Employee Benefits and HR Consulting division of Gallagher.
Queensland employees are the most stressed about personal finance in the nation, with one in five extremely worried about unexpected costs and expenses, and 15 per cent of employees spending four hours or more of their working week worrying about money.
Despite a tight labour market and an increase in the average net worth of Australians, average disposable household income has only increased $44 per week over the last decade, driving these 'here and now' money concerns.
Gallagher's Employee Benefits and HR Consulting division CEO Graham Campbell said working Australians were under greater financial pressure.
"Australians who have been impacted by the bushfire crisis will feel this more acutely, and those who are not affected will be more conscious of their financial preparedness for an emergency.