There is no doubt that COVID-19 has had a wide-ranging impact on all of us. We know that one thing that Australians often worry about is their financial situation. Many of us may experience financial stress as a result of physical distancing requirements and the impact this has had on employers and jobs. It is perfectly normal to worry about our financial situation, even in the best of times, as we try and provide a good life for ourselves and our loved ones. With so much uncertainty across a number of industries and employers, and if our partners or loved ones have lost their jobs, financial related stress may be a key concern for many.
Employers can play a role in helping their employees cope with financial related stress by recognising the impact it can have on different groups in the workplace. It is important to recognise that there are many varied reasons for financial stress. For example, our aging workforce is facing many challenges, including their fear of entering retirement, paying for their children’s higher education and moving their parents into nursing homes. On the other hand, millennials are facing economic instability, crushing student debt, stagnant wages and looming uncertainty about the future.
How individual employees handle financial stress varies greatly. Employers should aim to reduce the impact that this type of stress can have at work in the form of presenteeism. Breaking down and understanding the underlying issues can be the key to helping employees become more resilient.
Here are some basic tips on reducing finance-related stress:
1) Learn to budget: If your financial situation is causing you stress, it’s vital to create a budget. Record all income and expenditure and know exactly what you spend on non-essential items. Be critical of what you are spending and cut down on any unessential items if necessary.