AMP’s Financial Wellness Report, released today, has found that 2.44 million Australians are currently dealing with financial stress, with nearly half suffering for an average six and a half years or more.
According to the index, which measures how employees see their current and future financial situation, 5 per cent of Australian workers experience severe financial stress, while 14 per cent are moderately worried and 35 per cent mildly concerned.
Of those experiencing monetary stress, single parents and women were some of the worst affected, with 35 per cent and 24 per cent, respectively, found to be suffering.
Those in shared accommodation also felt the burden of financial worries, with 31 per cent reporting feelings of stress.
Interestingly, all levels of wealth were found to be impacted by the affects of financial stress.
Although lower-economic groups were the worst impacted, with the $50,000–$74,999 earnings bracket and the $25,000–$49,999 recording the highest stress levels at 26 per cent and 24 per cent, respectively; 16 per cent in the $75,000–$99,999 earnings bracket and 12 per cent in the $100,000–$149,999 still indicated they experienced financial worries.
Brisbane and Adelaide were the two cities with the highest number of financially stressed occupants, 25 and 22 per cent, respectively, while transport, postal and warehousing workers were the most impacted (25 per cent).
Administrative services and hospitality workers were the next largest group of financially stressed workers (24 per cent), followed by financial and insurance workers (21 per cent).
The report found that the significant number of workers feeling financial stress is likely costing Australian businesses close to $31.1 billion a year, as burdened employees take an extra 2.4 sick days per year and spend an hour per week dealing with money problems at work.