Financial First Steps is one of Westpac's initiatives to improve the financial literacy of Westpac employees, senior high school students, and external employee groups. A 2½ hour workshop, Financial First Steps raises awareness of the basics of money management. It covers topics such as budgeting, saving, compound interest, risk and spending. The workshop aims to provide 'down to earth' information about day to day money matters and uses real life case studies of people in different financial circumstances to explore the advantages and disadvantages of various choices. It is also available in a CD version.
Westpac estimates that about 5,000 staff attended a Financial First Steps workshop since the program started in early 2002. Westpac initially developed the workshop to meet the needs of its younger staff members and then offered the program to all staff. The workshop was later adapted to deliver to community members through schools, youth groups and community organisations. Keryn Myers, Westpac's Head of Responsible Lending and developer of the workshop said:
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'As a bank, we have a role to play in helping both our staff and young adults as they join the workforce to manage their money productively. By improving financial literacy in our workplace and in the community we have a real opportunity to make a positive impact over the longer term.' |
The content and delivery of the workshop is flexible and can be customised to meet the needs of particular groups. For example, Westpac's workforce is ageing and women comprise 66% of employees, so the workshop content has been adapted to address the needs of these specific groups within their workforce. Staff have the option to attend workshops either during or outside work hours depending on what suits their particular circumstances.
Westpac employees throughout Australia are trained to deliver the workshop which has been well received by staff. As one Westpac staff member who attended Financial First Steps said,
'Thank you for an insightful look at a simple necessity. I have recommended this course to all my colleagues.'
Further information on Westpac's approach to financial literacy is available at www.westpac.com.au/internet/publish.nsf/Content/WIWCAN Financial literacy.