Employer resources

Mercer's study sought to understand the degree to which working Australians felt confident making financial decisions for their employer. (Financial decisions in the workplace may include reducing business operating expenses and preparing annual budgets etc).

How financially confident are working Australians?

Mercer found one in four (26%) feel very confident in making financial decisions on behalf of their employer.

Q. Many employees need to make financial decisions on behalf of their employer - such as understanding how to reduce business operating expenses and preparation of yearly budgets. To what extent do you feel confident making financial decisions on behalf of your employer? Base: Made a judgement n=539

Greater knowledge equals more confidence

Mercer found a significantly higher proportion (two thirds or more) of those rated in the top two groups following a super and retirement planning self-test, were very or somewhat comfortable making financial decisions on behalf of their employer, compared with those rated in the bottom self-test group.

Who has responsibility to improve financial literacy?

Nearly all respondents felt they personally have some or all of the responsibility to prepare for their retirement. However, government and employers also play a role in providing knowledge to empower working Australians towards a happy retirement.

Q. Some people believe that employers should take some responsibility for educating and providing information to help their employees prepare for retirement. Others think it is the responsibility of the government, while others think it is up to the individual. Which one best represents your view for each of these in terms of the level of responsibility each has to help you prepare for your retirement?

The study found:

  • Nearly half of working Australians believe their employer has at least some responsibility to provide them with information to help them plan for retirement.
  • Three in four (76%) felt the government has some or all responsibility.

Download Mercer's summary report on implications for employers and trustees

Read comments from Australian retirees in full report



Resources to help your employees

Education services
Workplace education programs
Find out how Mercer can help you with workplace education seminars

Australian Government - Financial Literacy Foundation
understandingmoney.gov.au
Find out about the Government's national financial literacy campaign.
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