Financial Wellbeing: A Strategic Priority for Australian Employers

Across Australia, financial pressure is having an impact on how employees perform at work and—what they expect from their employers. From cost-of-living concerns to uncertainty about retirement income, financial stress has become a key factor affecting productivity and overall wellbeing.

According to recent research 88% of “moderately and severely financially stressed people say their finances affect work productivity”.[1]. Whether it’s distraction, fatigue or anxiety, the impact is showing up on the job. “Across all income levels, employees are feeling the pinch,” says Mathew Vasconcelos, financial wellbeing lead at Aon Australia. “Increasingly, employers are recognising that financial pressure isn’t just a personal issue. It’s showing up in performance, engagement, and turnover.”

Financial Pressure and Workforce Turnover

Aon’s 2025 Employee Sentiment Study reveals that 67% of Australian employees are either actively looking to change employers or considering a move in the next 12 months. This is above the global average of 60% and signals a shift in what employees value, including greater support for financial wellbeing. The survey also found that 37% of employees worldwide expect their employer to provide financial education. Yet only11% report that they receive it. In Australia this drops even further, with just 6% of Australian employees saying they receiving financial education through their employer.

“There’s a strong desire for support, but many people don’t even know what’s available,” says Vasconcelos. “Many employers offer insurance as well as financial counselling through Employee Assistance Programs. These benefits often exist, but employees aren’t always engaging with them.”

From Budgeting to Behaviour Change

Traditional approaches to financial education – sessions on budgeting or retirement planning –often miss the mark and have limited impact in helping employees feel more in control of their finances. Many are not looking to uplift their financial literacy, but for practical support in navigating real-life decisions, from paying off debt to protecting their families. “It’s more about behaviour than just ‘budgets’,” says Vasconcelos. “What we focus on is helping people understand their mindset and take small, achievable steps to manage money in a way that reflects their values and goals.”

Supporting employees to manage immediate financial stress and longer term life goals takes a holistic and structured approach to financial wellbeing across three interconnected pillars:

1. Current obligations: Helping employees manage everyday costs and make informed spending decisions
2. Safety net: Preparing for unexpected life events with emergency savings and adequate insurance
3. Future planning: Laying the foundations for long-term financial goals like retirement, home ownership or education.

Rather than delivering one-off seminars and generic checklists, this model aims to support practical behaviour change and build confidence among employees as they navigate different life stages.

Designing for a Distributed Workforce

Delivery of financial wellbeing support needs to meet these employees where they are. It’s not enough to simply offer financial wellbeing programs – how and when employees access them matters just as much. “Flexibility is not just about where you work,” says Vasconcelos. “It’s about how you learn, how you engage, and how you access support when you need it.”

From webinars and podcasts to digital articles and on-demand modules, financial wellbeing content must be accessible across locations and working styles. This approach ensures that employees – whether in the office, at home, or working on the go – can engage with support in a way that suits their schedule. “Accessibility and flexibility are key,” says Vasconcelos. “People are busy, dispersed, and dealing with different challenges. Support needs to be tailored, not transactional.”

Meeting Expectations Across the Generations

This need for personalisation extends beyond work locations to life stages. Australia’s workforce spans multiple generations, each facing distinct financial pressures. Younger employees may be managing student loans or saving for a first home. Mid-career professionals are often juggling mortgages and family costs. Older workers are more focused on superannuation adequacy and preparing for retirement.

Yet many benefits structures remain one-size-fits-all, leaving critical needs unmet and engagement levels low. Personalised approaches – tailored workshops, flexible formats, and targeted communication – can help address these challenges. By aligning content with the real-world concerns of different employee groups, organisations can lift satisfaction and better demonstrate the value of their support. “It’s not always about adding more,” says Vasconcelos. “Often the value of an effective program comes from better communication to help people understand what they already have and how it supports their financial wellbeing.”

Making Financial Wellbeing a Strategic Priority

With job mobility on the rise and economic pressure mounting financial wellbeing has become a strategic issue for HR leaders. Importantly, supporting financial wellbeing doesn’t always require additional budget. In many cases, the most effective solutions involve activating what already exists by helping employees understand and access insurance, super, and guidance that aligns with their goals. “It’s about building trust,” says Vasconcelos. “When people feel supported in their financial lives, they’re more likely to stay and thrive in their workplace.”

[1] AMP, Financial Wellness Report 2024, January 2024

2 Aon, 2025 Aon Employee Sentiment Study, January 2025