Employees care most about their financial health in the wake of COVID-19, while the companies that employ them are four times more likely to believe mental health is the top priority.

That’s the finding of Metlife survey conducted online in August and September, which found nearly half of the employees questioned felt unsupported by their bosses regarding initiatives or programs to assist with their financial health.

The sixth annual MetLife Australia Employee Benefits Trends Study surveyed 339 employers and 1037 employees to better understand how employers can attract, engage, and retain the best talent.

The study explores attitudes towards many aspects of employee benefits, as well as issues surrounding mental health and the impact of COVID-19 on the working environment.

“The majority of employers (70%) recognise the need to look after and improve their employees’ mental health,” MetLife Australia’s Head of People and Culture Allyson Carlile says. “In many cases, however, they may not be addressing the underlying concerns driving poor mental health.”

Financial stress is commonly recognised as the leading driver of poor mental health, and Ms Carlile says that employers who focus on providing ways to help employees manage their financial concerns can reap the benefits of a happier and more secure workforce.

Only around a third of employers currently offer financial health benefits like financial planning, education and workshops to help employees reach their financial goals.

“This is a real opportunity for organisations to differentiate their benefits offering,” Ms Carlile said.

“Employers obviously have an obligation and desire to support the wellbeing of their workforce, but we’re seeing many organisations struggle to deliver on that holistically.”

Almost 80% of employees say they feel stressed, and half say they are more stressed than before the pandemic. MetLife says part of this may be due to the erosion of a distinct demarcation between work and home.

Flexible working arrangements were the top benefit in demand from employees who took part in the survey.