Emergency service workers not getting enough financial support
Emergency service workers are not getting the support they need to look after themselves financially, with only one in ten feeling they have received support from their bank to help them save for their future and almost half feeling they need much more support, a report has found.
The study, released by Firefighters Mutual Bank, also showed that only two in five felt confident they were financially prepared for retirement, while only 76 per cent were able to put money away into savings when they could.
Less than a quarter of emergency services workers said their bank has helped them to obtain their financial goals. Yet a much bigger group, four out of 10, stuck with their bank because it was who they were most familiar with, the report showed.
“Given the nature of their jobs, we are surprised at how under-serviced our emergency service workers are by their financial institutions. The message is clear - they need more support from their banks on their finances,” said Jim O’Connell, general manager at Firefighters Mutual Bank.
The research also highlighted that half of workers over 60 felt they needed more support from their bank regarding their long-term goals, while just under half of those aged 18-29 had no investments whatsoever.
“There is a big gap between the short-term saving mindset, and long-term financial focus for emergency service workers,” said O’Connell.
“Emergency service workers face day to day unpredictable challenges, but their financial needs are long term and relatively predictable.”
“Financial service providers need to step up and support emergency service workers so they become more confident and comfortable in their long-term strategies. Making sure they have access to banking services 24/7, access to a personal service, will help support them.”
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