Employee financial wellness: what is the cost of living crisis costing your business?

Financial stress affects your team’s wellbeing and your business’s performance. Bloom is the no-cost solution that empowers your people and creates a stronger, more supported workplace.

What is employee financial wellness?

Employee financial wellness is more than just employee benefits, it’s about how confident and in control your people feel about money. From paying bills on time to saving for long-term goals, it covers everything that helps someone feel financially secure and resilient.

I know first-hand, when your employees have the tools, support, and education to manage their money well, everything changes. They’re less stressed, more focused, and better equipped to handle both work and life. And that’s where businesses have a unique opportunity to step in and truly make a difference.

Let me explain why this matters now more than ever.

Investing in your people: tackling the business impact of financial stress

According to AMP’s Financial Wellness Report, (2024): Financial stress is costing Australian businesses $88.95 billion in lost productivity each year. And that number is growing.

The increasing cost of living isn’t just a household issue, it’s quietly reshaping our workplaces. From reduced focus to rising burnout and disengagement, financial stress is impacting how your people show up at work.

But there’s good news: employers who step up to support their employees’ financial wellbeing can unlock measurable improvements in productivity, staff retention, and workplace culture.

Before we dive into the solution, let’s take a closer look at the scale of the problem.

How big is financial stress in Australian workplaces?

AMP (2024) say, financial stress among working Australians is at its highest level in a decade. The ripple effects are being felt from offices, warehouses, to construction sites across Australia.

Check out these alarming stats:

• 66% of Australians say they feel financially stressed
• Only 1 in 3 feel financially secure
• Financial stress is the #1 source of distress, more than work, health, or relationships
• Rising inflation and high interest rates are compounding the pressure on cash flow and expenses.

The impact of financial stress on employees:

• 34% link their financial distress to burnout, tiredness, and disengagement
• 88% of financially stressed workers say it affects their work performance
• 55% worry about money while at work, leading to presenteeism
• 11 hours per month are lost to personal finance distractions during work time
• 22% have taken sick leave or time off to deal with creditors or loans.

What is financial stress costing your business?

When employees are in financial stress, it inevitably affects their work. Consider the direct and indirect costs to your business:

• Reduced productivity: it’s incredibly difficult to focus on work when worries about bills or debt are weighing heavily on your mind
• Lower employee engagement: employees under financial strain often feel disengaged, impacting their motivation and commitment
• Higher turnover: persistent financial pressure can lead employees to seek new opportunities, increasing recruitment and training costs for your business.

Data from Employment Hero – Wellness at Work Report (2024) underscores this:

• Nearly half (46%) struggle to afford basic necessities before payday
• 56% of Gen-Z report financial stress as their main pressure
• 72% admit to negative behaviours, such as poor sleep, loss of motivation, or binge spending, due to financial pressure
• Nearly half (46%) struggle to afford basic necessities before payday.

Why aren’t employees asking for help?

Because financial stress is personal and people are struggling to speak up:

• 60% of employees say they feel uncomfortable talking to their manager about money
• 2 out of 3 feel guilt or embarrassment
• 35% of financially stressed Australians don’t seek help at all.

So what do employees actually want?

Your team needs real, practical support that helps them take control of their money and feel confident in their future.

Employees want smart, simple resources that actually make a difference, like savings tools, budgeting apps, and real-time financial support with budgeting that helps them pay bills on time, reduce debt, build savings, and plan ahead.

Financial wellbeing support does more than manage budgets or improve cash flow, it creates financial peace of mind and gives employees the confidence to focus at work, the freedom to engage fully, and a genuine sense that their employer values them.

When financial wellbeing is prioritised, productivity rises, retention improves, and your people thrive.

Bloom: the solution to employee financial wellness

Bloom is an employee financial wellness program proudly powered by MyBudget. It empowers your team with total money management solutions that reduce money stress and increase productivity, all at no cost to your business*.

This is your opportunity to become a leader in employee financial wellness by offering meaningful benefits that help your people thrive,at work and in life.

What Bloom offers:

✅ A free 2-hour budget appointment with a Personal Budgeting Specialist
✅ A personalised 12-month budget plan
✅ Exclusive discounts on MyBudget services if they choose to continue
✅ Full onboarding and employee communication handled by our team.

This program is designed for Australian workers at all financial literacy levels. Whether workers are planning for retirement income, managing loans, or trying to keep up with rising cost of living, Bloom gives expert help at every step.

Supporting your team’s financial wellbeing is no longer optional, it’s a strategic investment in your people and your business plan.

With Bloom, employers see real results:

• Improved productivity and employee engagement
• Reduced absenteeism and staff turnover
• Stronger morale, better employee feedback, and higher retention
• A more financially fit and stress-free workforce.

My perspective on employee financial wellbeing: what I’ve seen at MyBudget

At MyBudget, the results have been transformational. I’ve seen firsthand the shift that happens when people feel financially secure: fewer distractions, better mental health, more energy and positivity, and a renewed sense of confidence in both their personal and professional lives. Our people show up differently, more focused, more present, and more empowered.

That’s exactly what Bloom delivers. It’s not just about money, it’s about creating a workplace where your people feel supported, valued and ready to grow. When employees are financially well, your whole business flourishes.

Ready to transform your business with employee financial wellness that works?

For over 25 years, MyBudget has helped more than 130,000 Australians build confidence, increase savings, reduce debt, and improve their financial health.

This is your opportunity to become a leader in employee financial wellness, offering benefits that deliver lasting results for both your business and the people who power it

Contact Bloom, powered by MyBudget today to receive your free info pack or call us directly on 1300 300 922.