The Wellbeing of Financial Counselors: A Study of Work Stress and Job Satisfaction

The valuable social and economic contribution of financial counselors receives little public attention, as discourse related to consumer credit and debt invariably focuses on the impacts of consumer defaults for consumers and the broader community. Policy makers and organizations sustaining the work of financial counselors must ensure they care for the wellbeing of the counselors who assist consumers facing financial over commitment. The study was undertaken in New South Wales (NSW), the most populous Australian state. Questionnaires were mailed to 260 financial counselors. A response rate of over 46% (N = 120) enabled detailed statistical analysis which included analysis of variance and multiple regression. The findings highlighted a number of issues relevant to continuing education and planning for financial counseling services including increasing workload, difficulties liaising with external organizations, rural counselors' isolation from support mechanisms and an aging workforce. [PUBLICATION ABSTRACT]