WSSA: The future lies in wellness

From

Terry Rhodes

Advisers specialising in the workplace superannuation space are ideally placed to offer online financial wellness programmes, according to Workplace Super Specialists Australia (WSSA) President, Terry Rhodes and should be looking to broaden their service offer to include these types of initiatives.

“Workplace super specialists are in the best place to provide financial education literacy to employers and their employees, and could be looking at fintech providers, who are developing financial literacy programs at a great rate of knots, to help them deliver.”

Mr Rhodes said both traditional and non-traditional fintech providers are already delivering a range of financial wellness programmes, covering education around for example, budgeting, spending, saving for emergencies, superannuation and preparing for retirement.

“These types of programmes are gaining traction with employers and we see this as a huge opportunity for workplace super specialists who could partner with or white label solutions from providers,” he said.

Mr Rhodes will be presenting a session on workplace member engagement and a global perspective on financial wellness programs in conjunction with former Moneywise general manager, Paul Mann, at the WSSA conference in Sydney this Friday.

“We have been looking at providers who have been delivering online financial literacy and wellness programs to employers in the UK and the US and will be reporting back on our discoveries,” Mr Rhodes said.

The session will look at four key providers, including:

The session follows on from last year’s release of the WSSA’s Financial Wellness Index (the Index), which found almost two in five Australian workers need to improve their financial wellness and only one in three is considered truly financially well. Research for the Index, which was conducted by CoreData on behalf of the WSSA, revealed that 39% of employees were either ‘financially unwell’ (12%) or had ‘room for improvement’ (27%).

This year’s WSSA Conference will also feature an employer’s view of the value of workplace super specialists by Kennards Hire’s Training & HR Projects Manager, Marc Calwell.

Register for the WSSA Conference. 

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