Over 80% of mental health and wellbeing training session delivered by SuperFriend over the last three months were for staff in the financial services sector.
The workplace mental health and wellbeing organisation said there had been an increased demand for its training amid the COVID-19 pandemic.
The top industries that sought support for their employees were financial services, government and energy.
SuperFriend noted the Productivity Commission said mental health cost Australian workplaces $17 billion a year and estimated that one-in-five Australians experienced a mental health condition in any year and over their lifetime.
SuperFriend chief executive, Margo Lydon, said: “The pandemic is testing the mental health of Australian workers through ongoing challenges; changes to their work, whether through reduced hours or being laid off, working remotely or behind protective equipment, and job insecurity or financial stress.
“In a short space of time, there has been an increase in anxiety around physical safety and fear for loved ones, along with a decrease in financial and job security. On top of this, forced isolation means withdrawing from our usual social networks, exacerbating loneliness and often worsening existing mental health issues.
“It’s more important now than ever to talk about mental health, especially around the challenges we're all experiencing.”
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
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