While emergency service workers are well known for supporting the community, new research shows they are not getting the support themselves financially.
According to research from Firefighters Mutual Bank, only 13% of emergency service workers feel they have received support from their bank to help them save for the future, with nearly half feeling they needed more support.
Just over half of those who responded said they were saving for a home, but less than a quarter of all respondents said their bank had helped them with their goals.
The majority already had a home and felt they needed to save outside of superannuation by investing in property or shares because only two in five felt financially prepared for retirement.
General manager at Firefighters Mutual, Jim O’Connell, said, “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.”
Australia has approximately 30,000 emergency service workers, including firefighters and ambulance service workers and paramedics. Most are in first-responder roles, attending to unpredictable and dangerous situations across our cities and towns.
Other things the emergency service workers were saving for including 76% for a holiday and just over a third were stashing money for a rainy day.
O’Connell added, “We can see that emergency service workers favour certain investments when it comes to saving, utilising property, cash or term deposits, Aussie shares, and savings accounts amongst other things, to grow their wealth.
“This may have been generational, particularly with those families with more than one emergency service worker, so we know that these values are important, owning a home, having a savings account, working towards that hard-earned holiday at the end of the year.”
The research also showed four out of ten emergency service workers said they stuck with their current bank because it was who they were familiar with.
O’Connell added, “These individuals play a vital role in not only the service they provide, but also within their communities. If you have an extraordinary job helping the community, you shouldn’t have to put up with an ordinary bank.
“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.
“A huge number of these workers join their respective service for one reason, and that’s because they want to help their community. They now need the support to provide for themselves and their families for their future.”
