Emergency services workers lacking banking support

According to research from Firefighters Mutual Bank, which involved a survey of 107 permanent firefighters and 133 permanent ambulance service workers and paramedics, the industry has been underserved by financial institutions, with 47 per cent feeling that they need more support from banks, compared to 13 per cent of emergency service workers who feel well-served.

The research also found that only two in five respondents feel confident they are financially prepared for retirement, with only 76 per cent stating that they are able to put money away into savings when they can.

Further, less than a quarter (22 per cent) of emergency services workers said their bank has helped them to obtain their financial goals, while four out of 10, said they’d stick with their bank because it’s who they’re ‘most familiar with’.

Reflecting on the findings, Firefighters Mutual general manager Jim O’Connell observed: “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.”

“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.”

Moreover, the research found that most respondents save for short-term goals, with the majority saving for a holiday (76 per cent), compared to 52 per cent savings for a home, and 34 per cent saving for a rainy day.

Additionally, the survey found that those saving outside of superannuation invest heavily in cash and/ or term deposits, property, and Australian shares.

“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,” Mr O’Connell added.

“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.”

However, the research highlighted that half of workers over 60 feel that they need more support from their bank regarding their long-term goals, with just under half (42 per cent) of those aged 18-29 holding no investments.

“There is a big gap between the short-term saving mindset, and long-term financial focus for emergency service workers,” Mr O’Connell continued.

“Emergency service workers face day-to-day unpredictable challenges, but their financial needs are long term and relatively predictable.

Mr O’Connell concluded: “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.”

[Related: Homeownership dream a ‘thing of the past’]