KUALA LUMPUR: The Agensi Kaunseling dan Pengurusan Kredit (AKPK) report on financial well-being at the workplace found that 26 per cent of working adults suffer from financial stress.
"AKPK's own research substantiates that money and mental well-being are inter-related. As much as 26 per cent of malaysian working adults suffer from varying degrees of financial stress, and 65 per cent of these said that financial stress has affected their job performance. Imagine how much productivity we can secure if we could bring that 26 per cent down to a much lower percentage," AKPK's CEO, Azaddin Ngah Tasir said in a statement today.
AKPK's Financial Education Well-being Research Centre (FEWRC) produced the report entitled 'From Nine to Five: Navigating Employees' Financial Well-Being at the Workplace'.
The report was launched at the inaugural Financial Well-Being Conference today at Bank Negara Malaysia's Sasana Kijang, Kuala Lumpur today.
The two-day event, themed "Level Up! Your Mind, Your Body, and Your Money," gathered HR practitioners from various agencies and corporations to discuss physical, mental, and financial health.
Deputy Health Minister Datuk Lukanisman Awang Sauni pointed out the importance of employee well-being for workplace productivity, highlighting that mental wellness and financial stability are crucial components.
According to AKPK's report, 70 per cent of employees with low financial well-being were low performers, while 78 per cent with high financial well-being exceeded productivity expectations.
The report also highlighted the link between financial well-being and employee loyalty.
Azaddin said 91 per cent of employees with high financial well-being were loyal to their companies, compared to 89 per cent with poor financial well-being who were actively seeking new jobs.
Financial well-being fosters loyalty and stability in the workforce.
"Despite the benefits, there is a gap in financial education. While 74 per cent of Malaysian working adults expressed interest in financial courses, only 48 per cent of companies offered such programmes," he said.
Azaddin urged organisations to integrate financial well-being into their productivity plans.