Financial Wellness at Work – Key Insights and How to Ask Your Employer for Support

In today’s world, financial stress is one of the biggest challenges affecting Australians at work. Rising living costs, uncertain economic conditions, and financial pressures impact not just our wallets but also our mental health, productivity, and overall wellbeing.

At my company, Evolution Media Group, we recently conducted an extensive study on financial wellbeing in the workplace. We spoke with over 25 senior leaders across industries, gathering insights from workplaces that represent more than 350,000 employees nationwide. What we discovered is powerful—and it’s a call to action for both employers and employees.

Key Findings from Our Financial Wellness Research

Our research highlights the progress employers are making and reveals key areas where more support is needed. Here are some of the most significant takeaways:

1. Financial Stress and Mental Health are Interconnected: Financial concerns have a real, often significant impact on mental health. Over 60% of employers reported seeing a direct connection between financial stress and mental health issues among their teams. Employers who support financial wellbeing are not just helping with money issues—they’re contributing to a more mentally healthy workplace.
2. Employee Assistance Programs (EAPs) Are a Good Start, But Not Enough: Almost all employers we surveyed offer some level of Employee Assistance Programs (EAPs), often with financial counselling options. However, many employees may not know they have access to these resources or feel that short-term crisis support isn’t enough. This highlights an opportunity for employees to take advantage of existing resources and to ask for more consistent, proactive financial guidance.
3. Personalisation Matters: Financial wellness isn’t one-size-fits-all. Younger employees need different support than those approaching retirement, and single parents have different priorities than first-time homebuyers. Our research shows that personalisation—life-stage-specific advice and resources—can make financial wellness programs far more effective.
4. Employers Are Looking to Do More: Nearly 63% of employers indicated they plan to expand their financial wellness programs in the coming years. With so much momentum building, now is an ideal time for employees to engage with their workplaces about what they need. By speaking up, you can help guide your employer’s financial wellness offerings and make sure they truly benefit you and your colleagues.

How to Start the Conversation with Your Employer

If financial stress is affecting you, don’t hesitate to reach out to your employer. Whether it’s asking about current programs, such as financial counselling, or suggesting additional resources that would help, starting the conversation is a great first step.

Here are a few ways to begin:

• Check What’s Already Available: Many employers already have EAPs, financial education sessions, or partnerships with financial advisers. Ask HR or your manager about these resources.
• Request Personalised Financial Support: Financial wellness programs that address life-stage-specific needs are shown to be more effective. Consider mentioning the unique financial challenges you face and ask for relevant support, whether that’s budgeting advice, investment basics, or retirement planning.
• Encourage Comprehensive Wellbeing Initiatives: Financial wellness is just one part of overall wellbeing. Emphasise that financial and mental health support can work hand-in-hand to reduce stress and improve overall productivity.

Empower Yourself with Knowledge and Support

Financial wellness at work is more than just a buzzword—it’s a powerful way to improve wellbeing and build resilience. Employers have a critical role to play, but employees also have the power to advocate for the support they need.

At Evolution Media Group, we believe in empowering Australians to achieve financial freedom and resilience. If you want to learn more about financial wellbeing or see how your workplace can help support your journey, our programs offer tools, resources, and access to experts.

If you want to know more about our research at Evolution Media Group, please visit the site to download the whitepaper here.