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New financial literacy tool launched

A new outsourced employee benefits scheme is set to focus on helping Australians understand their finances.

Your Wealth Hub, launched last week, is an online tool that employers can use to help employees better understand their financial situation and to assist in decreasing the financial literacy gap.

"We designed Your Wealth Hub for progressive employers who want to help their employees feel more comfortable and confident handling their money," Your Wealth Hub director Gavin Glozier said.

"Employers [are looking] for ways to improve the wellbeing of their employees and those who seek to improve financial health are embracing the new frontier of employee benefits," he said.

Citing research commissioned by the Wesley Mission earlier this year, Mr Glozier said it found more than one third of New South Wales households spend more than they earn and 44 per cent are in financial stress.

"In our opinion, progressive employers not only give out pay cheques, they also want to give their employees benefits that help them look after their financial health," he said.

"For them, it's not just about throwing dollars over the fence, it's also about ensuring they are financially okay."