Did you miss a decent pay increase this year? Here’s a perk you should ask your boss right now

Australian workers who have missed out on a significant pay rise are being urged to demand training from their bosses on how to manage their money.

The cost of living crisis continues to put pressure on workers with real wages, adjusted for inflation, rising by just 0.3 percent in the last financial year.

Vanessa Stoykov, the founder and CEO of the Evolution Media Group, said that employees who have missed a significant pay increase should ask their boss for provide them with financial literacy training.

“Financial wellness programs can provide employees with the tools they need to cope with current financial pressures while planning for a secure future,” she said.

Ms Stoykov argued that adding good financial training to the list of workplace benefits would have major benefits for companies, ranging from higher productivity to better mental health.

“Employees should feel encouraged to ask about these programs, knowing that taking steps toward financial security will benefit both their own lives and their workplace,” she said.

But only one in four Australian workplaces provided financial training programs, according to Evolution Media Group’s survey of 25 business managers for companies employing a collective 350,000 people.

Australians who have missed out on a significant pay rise are being urged to demand training from their bosses on how to manage their money

Vanessa Stoykov, the founder and CEO of Evolution Media Group, said employees who missed out on a big pay increase should ask their boss to give them financial literacy training.

“Our research shows that while most organizations are implementing some form of financial wellness initiatives, many of these programs are fragmented and lack personalization and long-term support,” the report said.

‘Financial stress remains a significant challenge for employees and impacts their overall well-being and work performance.

‘Financial stress not only affects individual employees, but also has a profound effect on productivity and the overall health of the business.’

Poor productivity means bosses have less room to pass on decent pay increases without having to raise prices, worsening inflation and the cost of living crisis.

Evolution Media Group offers financial literacy training to employees of supermarket giant Coles, insurer Allianz, private health insurer HCF, hardware chain Bunnings, Google and the City of Sydney Council.