Forward thinking: What do mental wellness and financial wellness have in common?

A client of mine is a forward thinker and works in senior management of large national construction company.  A few weeks ago asked us to put together a financial health program for his Cadets (Gen Y and Z).


He was concerned that after the recent pay reviews and he performed (and subsequent upgrades), that they would p*ss it against the wall or just as fun / bad… buy a bigger car or a jet-ski.

It got me thinking…

Is there any benefit to employers providing financial education to their employees?

The results of my research was surprising and should be considered by every forward-thinking business owner.

The results. This is how I see it…

Like physical health, financial health is fundamentally key to leading a happy and successful life.

Creating a sound financial present does more than alleviate current stress – it lays the foundation to a stable and secure financial future.

Less financial stress in your life results in greater productivity in other areas of you life.

Further my research uncovered:

  • Financial safety and mental health are strongly linked
  • The majority of workers think their financial health is as important as their physical health, with 58 per cent thinking financial and physical health are equally important
  • Money worries are commonly related to stress and anxiety which may manifest in physical symptoms such as lack of sleep, increased blood pressure and heart problems
  • The link between financial and physical wellness is not always shared by employers with 31 per cent of workers reporting that their employer seems to take more interest in their physical health than their financial health i.e. employee health cover
  • 62 per cent are anxious about not having enough money when they retire, while 40 per cent report their current financial situation to be poor
  • Around one in three – 33 per cent – think their financial situation currently causes them even more stress than their physical health, and 34 per cent think this will continue into retirement. A further 62 per cent are already worried about not having enough money when they retire.

What does this mean for employee performance?

After reading various articles on the topic, I started to realise that there is a lot of financial worry out their for our employees which is likely leading to decreased performance.

Therefore it is important as employers that we acknowledge not only the physical wellbeing of our employees but also their financial wellbeing; as both can have an impact their work life.

Another way to put it maybe to say:

Your employees financial distress can lead to your financial distress… maybe a ‘long bow to pull’ but worth considering for those forward thinkers out there!

What is the answer to financial health?

Like a going to gym, everyone is different with what works for them from a financial planning point-of-view.

Some like to DIY / go it alone (SNAP Fitness, 24-hour gyms), some like a little help (F45) and some need to pushed the whole way (Personal Trainer).

Who gets the best results?

I’ll let you decide but I know I’ve squandered many DIY gym memberships before…

So, if we conclude that financial health is as important as your physical health, why do we have regular dental and doctor check-ups, but not a regular financial check-up?

Well…. it may be because many believe financial health is nothing more than just managing their day-to-day finances and that they have that under control; but the reality is that true financial strength, as with any exercise, requires planning, dedication and repetition.

Some have the ability to do this alone, whereas some need somebody leading them along a path and holding them accountable to a plan. Which one are you?

I know when it comes to the gym I’m certainly the latter…

Are you a forward thinker?

If so, we have 2 options for your

  1. For the forward thinking business owners, we have a tailored session where we present to your staff, on topics that assist to improve financial wellness
  2. For forward thinking singles, couples and families, we run the same session inhouse once a fortnight

Both options are very casual, usually run after hours from about 5.30pm, we provide pizza and beers, run the session and answer question. We usually keep the sessions intimate, with 8 people maximum, so we can tailor our discussion to your circumstances

Coming up to Christmas, we have limited spots left to run these.

If you would like to talk to us before Christmas in one of these sessions, or you would like us to talk to your employees, please let us know ASAP.

Shaun Costello

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