Financial stress has become chronic for many employees.
It impacts work productivity for businesses and all aspects of life.
Isolation and loss of social connection
Psychological impact on mental health and work productivity
Emotional reactions of guilt and shame increasing the strain on all relationships
Difficulty with sleep, leading to trouble focussing on work
Financial stress reduces productivity and has a significant economic impact.
An estimated 2.29 million Australians are experiencing levels of financial stress that reduce their wellbeing and capacity to function and it is dragging on the Australian economy.
The lost productivity costs Australian business an estimated $32.14 billion per annum.
“Without data, you’re just another person with an opinion”
W. Edwards Deming
The Financial Stress Index (FSI)
FSI measures 5 specific biopsychosocial dimensions of financial stress to identify how financial stress is impacting upon a person’s wellbeing.
The 5 specific dimensions are measured by completing a 35 statement questionnaire using the Financial Mindfulness app.
Each employee rates on a frequency scale for how often the statement is true to their specific situation for the past month.
The Financial Stress Index (FSI) Quantitative Assessment Report
The Financial Stress Index (FSI) Quantitative Assessment Report is a leading indicator on where, how, and why financial stress is impacting employees productivity. Lost productivity is quantified in dollars and days providing insights so you can better support your employees.
The report contains all employee FSI results aggregated and analysed across the 5 specific dimensions on a de-identified basis.
Until now this information has previously been unavailable to employers.
Measuring employee financial stress at a granular level informs employers about the nature and extent of support required for employees.
Reports are provided twice a year and track changes over time.
The FSI and the Quantitative Assessment Reports have been developed through rigorous and in-depth research carried out by Financial Mindfulness drawing upon the expertise from in-house neuropsychologists and finance experts.
The Financial Mindfulness app
The Financial Mindfulness app is a personalised financial stress reduction program integrating financial literacy, mindfulness, goal setting, and behavioral tools on topics such as managing credit cards, managing mortgages, unexpected expenses, paying bills, managing stress, and more.
Each employee receives the latest program to reduce financial stress and experience financial wellbeing.
I liked how thorough the FSI is drawing attention to all the areas that financial stress is impacting our employees. It is extremely useful to measure financial stress at a granular level. Our employees are important to building our company’s reputation.
We are in financial stress and our business is suffering. The FSI is an objective measure which has helped us gauge the impact and is assisting us in making changes to improve our employees health and productivity.