In its Financial Stress in the Australian Workplace (the Insight Paper), released yesterday, Map My Plan revealed 68 percent of managers believe financial wellbeing of their staff is ‘absolutely vital or important’ but 60 percent have no financial program.

Paul Feeney, Founder of Map My Plan said, “We’ve found one in two employees are likely to be financially stressed, and it’s impacting their productivity, engagement, sleep, and even their mental and physical health.”

“We’re seeing that managers recognise that financial wellbeing is very important to employees, but there is a lack of access to suitable programs or resources that prevents them from helping with this issue. There’s such a big opportunity for employers to be implementing cost effective, simple solutions to offer assistance in this area to their staff.”

The Insight Paper revealed that 38 percent of employers have no plans to offer financial wellbeing tools to their employees, even though 58 percent of their employees are crying out for such help – 68 percent see it as important or vital.

“The research tells us that most employees want assistance from their employers to address financial stress, but over a third of employers are not intending to provide support in this way – it’s a missed opportunity to attract and retain employees, increase productivity and support better mental and physical health.”

Financial stress, Mr Feeney said, has significant impact on absenteeism, team morale, talent retention, collaboration, innovation and customer experience which all leads to a measurable impact on the bottom line.

Mr Feeney said, “We’ve previously estimated that financially stressed, distracted, unproductive employees are costing Australian employers around $55.2 billion every year in lost working time.^[1] This is equivalent to an average lost salary of $4,613 per employee. By not incorporating this vital support into a business, it’s having a significant impact on Australian workplaces.”

Map My Plan currently works with a range of businesses, particularly corporates, to improve the financial fitness of all Australians, by making sure professional financial advice is available to everyone.

[1] The Financial Fitness of Working Australians, Map My Plan, 2016

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Last night Map My Plan won the Innovator of the Year – Company Award, an industry award which recognises progressive businesses with new thinking such as Map My Plan.

“This award is a great reflection on our objective to take advice to the 80% of Australians who don’t currently access financial advice because it is either too expensive, inaccessible or intimidating,” said Paul Feeney, CEO, Map My Plan.

“We are aiming to be very different to what is already available in the market, because what is available is failing to grow the advice customer base in Australia, and we know from research, that people are so much better off when they have a financial plan.”

Map My Plan is different on a few fronts. It is a digital tool that can be accessed for free on a public site www.mapmyplan.com.au.

It does not recommend financial products, instead building a financial map through a process of self-discovery. Further, the financial map is not a static guide, it adjusts as new information is added and goals are achieved.

Former federal member for Oxley, the Hon Bernie Ripoll and author of the Ripoll Report, that led to the Future of Financial Advice reforms, said from his many years in working in financial services, Map My Plan is a real stand out.

“Map My Plan delivers a full scale financial plan from a fully licensed provider and yet is accessible and free. And best of all, people can work with it on their terms, where they are in charge and are free to go on their own journey of self-discovery. This is true financial empowerment.”

Map My Plan is currently used by more than 5,500 employees from Ernst and Young in Australia and New Zealand. Map My Plan is also being trialled by mid-tier advice practices, an industry association, credit unions and super funds.

“Employers, super funds, and advisers are all suitable candidates for Map My Plan as it will help them offer their employees, members and clients, a great wellbeing tool that improves financial literacy and competency, so they can have better and more meaningful conversations with each other,” said Feeney.

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Hon Bernie Ripoll

Map My Plan is taking financial advice to all Australians by making it more accessible and affordable, which are the two biggest challenges for Australians seeking advice.

According to former federal member for Oxley and Map My Plan Director the Hon Bernie Ripoll, Map My Plan is the breakthrough for financial advice needs, and will take advice much further than the current 20% of Australians receiving it today.

“The other 80% of Australians say that a financial advice plan is too complicated and too costly. However, research shows that people with a plan do better than those without a plan. Map My Plan is working to reach these people and be the most effective way to provide an advice solution for all Australians.”

Map My Plan improves the financial fitness of all Australians by mapping their financial future and coaching them to help achieve their goals.

Importantly, Map My Plan does not recommend any financial products, instead building a financial map through a process of self-discovery. Map My Plan breaks the process into three distinct parts of a plan – foundations goals, home and lifestyle and retirement, and investments. Your map adjusts as new information is added and goals are achieved.

Hon Bernie Ripoll will facilitate a session at this year’s Association of Financial Advisers conference on the Gold Coast in October titled, ‘Digital solutions: Breathing life into Financial advice’, to discuss these issues and consider the true power of digital solutions to democratize services.

Hon Bernie Ripoll has long been an advocate for consumer protection, getting a fair go and ensuring Australians have more options. Bernie believes that technology is the big game-changer now and for the future of the financial services sector.

“I have always been a great believer in technology that serves people. We need to make the best use of what is available to improve the quality of services and reduce costs. It’s this transition to technology that will help the other 80% of people who miss out today.

Map My Plan is also resonating with employers who want to provide financial wellbeing services for the staff, as well as financial service providers who want to add further value to their members and clients.

More than 5,500 employees of Ernst and Young now have access to Map My Plan as part of a broader wellbeing program in an effort to improve the financial fitness of staff and their families.

Map My Plan is also being trialled by three other mid-tier advice practices as well as a large industry association.

According to Map My Plan CEO Paul Feeney, these progressive businesses can see the gap between financial fitness and seeking financial advice, and want to be proactive around a solution.

“Map My Plan gives Australians better financial habits by coaching them to reach their goals,” he said. “It puts Australians in charge of their financial future by showing them a better way.”

He added: “Map My Plan is a breakthrough for consumers looking for some control and to feel better about their financial future.”

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