Australian households are doing it tough. Raging inflation, spiralling interest rates and a significant economic downturn are impacting Australians’ wallets. It’s putting enormous pressure on many people’s finances. Couple this with a generation of Australians who have never dealt with an economic downturn let alone a recession, and you have the perfect storm for financial stress and a deterioration in personal wealth.
So, when you’re an employer, and offering a pay rise just isn’t an option, what can you do to assist? Helping employees develop their financial literacy and skills is a great start and signing them up for Cuppa’s Dealing with Financial Stress course is a practical first step.
How can we get through these tough times better?
The Dealing with Financial Stress course helps participants deal with financial stress and thrive under these new conditions. The course is hosted by David Koch and financial wellness coach Betsy Westcott and is designed to help put financial stress in perspective.
It’s something we all experience from time to time,” Betsy says. “But now people are experiencing it more than ever.”
Recent research from ANU has shown that many Australians live paycheck to paycheck. While as many as one in four Australians in the last 12 months have struggled to make ends meet with their paycheck. While research from ACOSS and UNSW on Poverty and Inequality in Australia shows one in eight Australians are now living in poverty.
And this lack of money is also having a ripple effect through the rest of their lives.
“It’s not just, ‘Oh, I’m having trouble managing my cash today’. It affects our productivity at work, it affects our relationships, and it really affects our wellbeing – our mental health and our physical health. So, it really packs a punch,” Betsy explains.
Money issues are insidious
“How many of us – including me – have woken up at 2 o’clock in the morning worrying about financial strains on your life? It feeds on itself,” David asks.
These money worries can easily spiral, particularly because many Australians don’t have great financial literacy. Knowing how to get yourself out of the hole can be difficult and overwhelming. Couple that with the shame and stigma around the topic of money, and it can leave people with a sense that they are drowning.
The Dealing with Financial Stress course gives everyone the tools to ensure they don’t drown. The course teaches coping mechanisms that will make your life a whole lot better when it comes to your finances.
“It doesn’t need to be as bad as it seems if you follow some really clear, simple and common-sense steps,” David explains.
Dealing with Financial Stress course
Along with the brilliant and practical advice from David Koch and Betsy Westcott, each of the 10 self-study modules comes with interactive exercises to help put the teachings into practice.
Module 1: Understanding the impact of financial stress
Understand how financial stress affects your physical and mental health, relationships, social dynamics, and work performance.
Module 2: Cultivating a healthy and resilient money mindset
This module is designed to enhance your financial capability, confidence and resilience with practical strategies that you can apply instantly.
Module 3: How to have healthy money conversations
This module teaches you how to have healthy and productive money conversations that boost your financial wellbeing.
Module 4: Assessing your financial situation
This module is all about understanding where you are today. Learn how to gather financial information accurately and make simple calculations to gauge your financial well-being.
Module 5: Setting inspiring financial goals
Financial goals are essential for helping you overcome financial stress. Learn how to create meaningful and motivating financial goals.
Module 6: Creating a sustainable budget
Discover how budgeting provides financial control, aligns spending with goals, manages debt, and fosters savings and wealth building.
Module 7: Gaining control of debt
Discover the alarming reality of personal debt in Australia and learn effective strategies to manage and overcome it.
Module 8: Building financial resilience
Learn how to automate savings, build your financial cushion and achieve your long-term dreams.
Module 9: Planning for the future
This module is all about creating a future that’s exciting and resilient. Learn the essentials of investing in growing wealth and creating passive income streams while planning for a comfortable retirement by starting early and diversifying your investments.
Module 10: Maintaining financial wellbeing and confidence
David and Betsy share their tips on maintaining your financial wellbeing, continuing building your knowledge, and celebrating your newfound financial confidence!
Want to help your team manage their financial stress better? You can buy a team membership for the Dealing with Financial Stress course. Find out more today.