Few workers believe they have adequate life insurance, according to a new survey conducted for Workplace Super Specialists Australia (WSSA).

The research by CoreData divides respondents into categories ranging from “financially unwell” to “superstars”.

Only 12% in the “room for improvement” category feel confident they have adequate insurance. In the superstars category the figure is 90%.

The WSSA’s Financial Wellness Index shows almost two in five Australian workers are in dire need of improvements to their financial wellbeing.

“Financially unwell” people account for 39% of survey respondents, while superstars make up just 6%.

WSSA President Terry Rhodes says lack of financial literacy in the workforce is a concern for employers and employees alike.

“A key driver of financial wellness was financial literacy. More than half of the financially unwell have poor or very poor financial literacy, whereas 93% of superstars have strong or very strong financial literacy,” he said.

“This research highlights the strong link between financial literacy and financial wellness, and we know financial advisers can make a huge difference to financial literacy.”

More than 60% of employers regard helping employees improve financial literacy as extremely or very valuable, the study shows.

About 90% of employers consider one-on-one sessions with advisers the most valuable way to communicate with workers.

“There is a huge opportunity for employers and financial advisers to have a positive impact on the financial wellbeing of their employees through engagement programs,” Mr Rhodes said.