Employee Financial Wellness Program

Powered by Australia’s award-winning budgeting expert, trusted to improve the lives of 110,000+ Australians since 1999.

 

Show your employees you care by helping them to eliminate financial stress from their lives.

 

Call us on 1300 300 922 or register your interest online


Our employees have never needed us more—and we need them

Independent research conducted by the media company Carat, shows that 22% of Australians are more worried about the financial effects of coronavirus than getting sick (20%) and that 40% of people expect a direct financial impact from the pandemic. 
 
The research also suggests that people are looking for cues, clarity and direction from those closest to them: their family members, community leaders, peers and, importantly, their employers.

In a shrinking economy, however, few employers are in a position to increase wages. Fortunately, there is a powerful alternative strategy to alleviate financial pressure.

The second pandemic is financial stress

What makes a hard situation even more challenging is that a lot of managers and business owners have been forced to make tough decisions about the very people who have made their businesses what they are today.

As a result, even those who still have jobs are in a predicament where they feel exposed and unsure of their financial future. 

Financial wellness can be lifechanging

Free fruit bowls and espresso machines are certainly contributors to work satisfaction. By comparison, however, financial wellness initiatives can be truly lifechanging.

As well as improving employee wellbeing, financial wellness support has a positive effect on engagement, satisfaction and productivity which, in turn, are drivers for business growth and profit—all of which contribute to business and employee confidence.

In the aftermath of coronavirus’ economic shock, this is exactly what companies and workers need, right now.

Financial stress can be eliminated

The aim, of MyBudget’s Employee Financial Wellness Program is to help employers to help their staff to successfully prepare and feel in control of their personal finances, no matter what the future has in store, to relieve the pressures and stress and distractions associated with money, and to provide certainty and security so staff can focus on doing the good work that keeps customers happy and company doors open. 

Not surprisingly, money is a leading cause of anxiety and stress

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    Bracing for financial fallout

    40% of people are expecting a direct financial impact from the pandemic, a number which is expected to grow

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    Finances more stressful

    22% of people are more worried about the financial impacts of recession than getting sick from the coronavirus

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    No savings to fall back on

    20% of people had no savings to fall back on before the pandemic started and 14% were already struggling with bills

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    Debt and bill struggles

    Australians have record levels of household debt (120% of GDP), including mortgages, other loans and credit cards

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Financially fit employees are more productive, satisfied and focused at work.

Metlife Australia’s ‘Employee Benefit Trends Study 2019’ found that 72% of employees believe that “financial planning tools to help them understand their options and achieve their financial goals” is a must-have or nice-to-have benefit.

Source.

Productive

Satisfied

Focused

How does the program work and how much does it cost?

The program gives employees the opportunity to talk about their finances in confidentiality with an expert money coach and to develop a detailed, customised household or personal budget that helps them to make the most of their money. For employees who desire or need it, we can also offer a complete money management solution to ensure that their budget and goals stay on track. 

Measurable bottom-line results

Aside from building trust and empathy with your people, the benefits of staff relieved from financial stress are realised in measurable bottom-line results, including increased productivity, reduced absenteeism and higher engagement. It’s the ultimate win-win at a time when wins are greatly needed.

The program is designed to be an integral part of your employee benefits offering. It can be tailored to suit any sized business, from micro to multinational, and consists of several components that your organisation may offer in whole or part, to all or segments of your workforce. 

Most importantly, the cost to your business starts at nothing

You can provide access to world-class money management and budgeting support to your workforce—and show your people how much you care—starting at zero cost.

Win-win benefits for employers and their employees

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    Price starts at FREE

    Provide money management and budgeting support to your workforce starting from zero cost.

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    Micro to multinational

    Designed to benefit public, private, not-for-profit enterprises from micro to multinationals.

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    All job types benefit

    Full-time, part-time, casual, contractor, executive, professional, unskilled and more will benefit.

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    Customised to your goals

    Offer the program in whole or part, to all or segments of your workforce.

The reality is that any and all employees would benefit from having a clear, stress-relieving plan to protect their financial wellbeing, especially in these uncertain times. In particular, however, the program is expected to be of demand with employees who:

  • Are adjusting to a lower wage or changed income conditions
  • Are experiencing a reduction in combined household income
  • Are experiencing debt stress in relation to mortgage, credit cards or loans
  • Get paid monthly, which demands more careful budgeting than shorter pay cycles
  • May not be confident in managing their personal or household finances
  • Would like help talking with creditors or lenders about payment arrangements
  • Have specific saving goals, such as saving for a home or holiday
  • Fight or disagree with their partner about money and financial decisions
  • Want to outsource their personal finance tasks to experts
  • Would like to make better use of their time and money

There are two program options for employers to choose from:

Option 1: Customised Budget Creation

Each participant is entitled to a two-hour budget (phone or video) consultation at no cost to the employer. A qualified money coach leads a private and confidential appointment with the  participant (and their partner if joint finances are involved) to go through their finances in detail. The result is a fully customised budget that creates a plan for the participant’s money over the next 12 months and beyond. Option 1 is FREE to employers and their employees and there is no obligation or pressure for participants to progress to Option 2.

Option 2: Complete Money Management

With Option 2, employee participants enjoy all the free benefits of Option 1, PLUS… The participant may elect for MyBudget to manage their budget on their behalf. In that case, MyBudget does all the heavy lifting that keeps their budget on track. Through a proven combination of money automation and expert support, the aim is to help the participant achieves their financial goals faster, with less stress, time and effort.

Employers who enrol in Option 2 have the option of offering their employees:

  • Partial employer subsidy: The employer pays for part/all of the employee’s establishment fee + the employee pays ongoing administration fees.
  • Full employer subsidy: The establishment fee is waived + the employer pays an annual enrolment fee per participant, while the employee pays nothing.

Volume discounts apply and we can work with employers to design a tailored employee benefit offering based on their budget and specific goals. Contact us to find out more and request a customised quote.

We’re pleased to provide a link to the following resources:

  • ‘Financial Wellness Programs Foster a Thriving Workforce: A report based on MetLife Australia Employee Benefit Trends Study’ (2019)—read it now
  • ‘Workplace Financial Wellness Index’ by Core Data, hosted by Australian Government Productivity Commission (2016)—read it now
  • ‘PwC’s 8th annual Employee Financial Wellness Survey’ (2019)—read it now

When you look at the goals of most organisations, productivity is high on the list, along with other key performance metrics, such as retention, engagement, reduced absenteeism and attracting talent. Studies demonstrate that financial stress is one of the key detractors in achieving these aims. In the Metlife Australia study cited above), researchers concluded: ‘Across generations, life-stages, and socioeconomic statuses, the majority of Australian employees agree that personal finances is their number one source of stress. High cost of living, stagnant income growth and high levels of debt are all contributing to financial stress as is retirement savings (or lack thereof).’

It’s important to note that these findings were reached prior to the coronavirus pandemic. Since that time, financial stress has only deepened and reached further into households, communities and workplaces that may have previously been immune. The good news is that financial stress can be alleviated through money planning, especially where that service is conducted and supported by knowledgeable professionals.

In addition to the Employee Financial Wellness Program, there are other ways MyBudget may be able to help your employees get through difficult times. For example:

Content sharing

MyBudget produces high quality informational content on a wide range of money topics, including budgeting, money management, savings tips, downloadable guides, templates and more. We’d be pleased to talk with you about providing branded content for your employee communications.

Educational presentations

Would your employees benefit from a group presentation by a money coach?  Depending on your location, we may be able to provide a money coach to present to your team on budgeting and money education topics. NB: Available via video link whilst social distancing measures are in place.

How does MyBudget work?

Watch the video to see how MyBudget eliminates financial stress and helps people do better with their money.

 

Since 1999, MyBudget has been providing caring money management, structure and support that helps Australians enjoy a life free from financial worries.