The next hot employee benefit?
Glozier believes offering financial literacy and wellness initiatives will be the next “hot benefit” offered by employers. “If we start unraveling the fact that so many businesses have wasted productivity per year, and that by spending a little they’re able to achieve an awful lot by engaging and retaining staff through these programs, I think demand is set to grow.”
Financial stresses by generation
Gavin Glozier of Your Wealth Hub
outlines what’s top of mind for each generation:
- Gen Y – Their focus is all about lifestyle and ensuring they can balance everything life throws at them. There is a concern about getting into the housing market but they also want guidance on how to save and at the same time spend their hard-earned cash responsibly. Credit card debt can easily mount up after that overseas holiday and they need advice on paying that down without enduring a crippling lifestyle. They are looking up at what their parents have achieved or are achieving and are thinking ‘it’s all too hard’.
- Gen X are in the housing market, so it’s a conversation about investments – be it property or shares. Family planning comes into the equation with now how they can drop back to one wage with kids on the horizon. Spending can be a lot tighter so smart decisions are critical to making ends meet.
- Early Gen X’s and late baby Boomers are interesting. It’s either conversations about a blended family, preparation for retirement, or now the kids are out of the nest it may be revisiting some of the goals in life that had been on hold for some time. People are still taking on significant amounts of debt so there is a real conversation about how long people will be working for. The stability of the kids is important: they want to ensure the whole family is on the right path.
- 65 years olds and three years either side… it’s about making sure they have enough money in super to fund the lifestyle they want into retirement.