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Amid unrelenting cost-of-living pressure and its ongoing impact on employees, many employers continue to overlook a key way to support employees' wellbeing, an expert says.

Financial stress can compromise employees' wellbeing and productivity, and is draining billions each year from the Australian economy, says Rebecca Maher, CEO of financial coaching provider My Money Circle.

"With cost-of-living pressures showing no signs of relenting, upcoming economic reports are widely expected to reveal even more alarming figures," she tells HR Daily.

(According to a recent MLC Super report, based on a survey of 2,500 Australians, 65% believed their financial situation was affecting their health and mental wellbeing, 16% reported a specific impact on job performance, and 84% wanted employers to provide free or subsidised financial advice.)

Until now, most employees have been getting by without a lot of structure or support around their household finances, Maher says...