Navigating rising living costs: Supporting employee financial wellbeing

Employer news
15 May 2024

The relentless rise in the cost of living presents a significant challenge for employees, exerting immense pressure on their financial wellbeing. With soaring expenses for essentials such as food, housing, utilities, healthcare, and education, many find themselves struggling to make ends meet. The strain extends beyond financial concerns, permeating into various aspects of their lives, including mental and physical health. From increased stress and anxiety to compromised work-life balance and strained relationships, the impact of these economic pressures can be profound and far-reaching.

How employers can help

As employees grapple with the burden of rising living costs, it's crucial for employers to recognise and address these challenges, offering support and resources to alleviate financial stress and foster a healthier, more resilient workforce. Here are actionable steps you can take to support your workforce during these challenging times.

Financial education seminars

Dive into a world of knowledge and confidence with our online or at your workplace super seminars, designed to equip your employees with the tools and insights needed to make savvy decisions about their super, finances, and retirement. Use our online seminar booking form to get started.

Expert financial advice

CareSuper members can book a call-back with a financial planner for super-related advice over the phone at no-extra cost.* This can be an opportunity to check their investment choices are aligned to their goals, get a retirement income projection and understand the tax-effective options for drawing an income from their super. Or get tailored comprehensive advice to start building their financial freedom now, and beyond their super.^

Mental health support

We’ve partnered with our insurer, MetLife, to give CareSuper members access to 360Health, which provides a range of personalised health and wellness services designed to support members, their children, partners, parents and parents-in-law’s physical, mental, and financial wellbeing. From telehealth consultations to fitness programs and mental health support, MetLife 360Health provides holistic coverage that goes beyond traditional insurance offerings. Simply visit the 360Health portal and select the service you’re after.

Employee Assistance Programs

Consider implementing or promoting Employee Assistance Programs (EAPs) to your workforce. EAPs offer a wide range of confidential and professional support services, including counselling, mental health resources, financial assistance, legal advice, and more. By providing access to these valuable resources, you demonstrate your commitment to the wellbeing of your employees, fostering a positive and supportive work culture.

Flexible work arrangements

If your business can accommodate it, consider offering flexible work arrangements such as remote work, flexible hours, or compressed workweeks to help employees save on commuting costs and achieve a better work-life balance. Flexible arrangements can also reduce financial strain associated with childcare and impulse spending.

Financial wellness initiatives

Implement financial wellness initiatives that promote a culture of financial health within the workplace. Encourage open dialogue about money matters and support employees to set financial goals and participate in savings challenges – before we know it, Christmas will be just around the corner!

Unlocking success in the workplace together

By taking proactive steps to support employee financial wellbeing, employers can help alleviate financial stress, improve job satisfaction, and enhance overall productivity in the workplace. Together, we can navigate the challenges of rising costs and empower employees to achieve financial security and success.

We're here to support you

If you have questions, you can contact your client partnership manager or email us at [email protected] and we’ll be in touch. To become a CareSuper partner, simply complete the online form and we’ll be in touch.

*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.

^Advice is provided by one of our financial planners who are Authorised Representatives of Industry Funds Services Limited (IFS). IFS is responsible for any advice given to you by its Authorised Representatives. Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514. If you require more complex personal financial advice, our financial planners, in the course of their initial appointment with you, may refer you to an external advice service provided by Australian Unity Personal Financial Services Limited (ABN 26 098 725 145, AFSL 234459).