Australia’s retail and hospitality workers are the most financially stressed in the country, according to a new report by AMP.
The latest Financial Wellness report found that retail workers are 64 per cent more stressed about their finances than the national average, while hospitality workers are 86 per cent higher.
And workers in these industries have been taking advantage of the Government’s early access to superannuation scheme, with workers located in Melbourne having hit ‘severe’ levels of anxiety around their financial position following the extreme lockdown measures Victoria has seen.
Eighty per cent of Melbourne workers said their stress was impacting workplace productivity, while 49 per cent have significantly reduced their spending.
However, AMP general manager of workplace super engagement Stephen Owen said their is cause for optimism heading into 2021, with many Australians taking the end of the year as an opportunity to review their financial situation and set goals in place for the following year.
“We know these actions can give people a greater sense of control, and significantly improve financial and general wellbeing,” Owen said.