Foundation Launches New Workplace Financial Literacy Resources
Press Release | 1 March 2007 |
In a world of growing choice in financial services the ability to make informed and effective decisions on the use and management of money is a vital skill for all Australians.
A great place to learn about financial literacy is the workplace and to promote the benefits the Financial Literacy Foundation has created a practical booklet and online resources which will help all Australian businesses, whether big or small, get started and make a difference.
As Paul Clitheroe, the Financial Literacy Foundation's Chairman, says: "There are loads of different approaches to educating your workforce, and they all pay big dividends for both employees and for the company".
The booklet includes profiles of seven Australian companies that are leading the way in offering financial education to their workforce: ANZ, Australia Post, Commonwealth Bank of Australia, Flight Centre, QIC, Unilever and Westpac Banking Corporation.
For employees, financial literacy education in the workplace provides a significant opportunity to grow personally, financially and professionally, and to improve personal wellbeing.
For employers, financial literacy education in the workplace can lead to improved motivation, improved recruitment and retention of staff, and a capacity to take a more flexible approach to managing retirement. The programs can also help to position a company as an 'employer of choice'.
"Your people are the most important asset a company has", said Mr Clitheroe, "and when people feel more financially secure they will be less stressed and more productive in the workplace."
The Financial Literacy Foundation's 'Financial Literacy in the Workplace' booklet and website resources show that programs can vary widely from the distribution of basic information to a fully customised and accredited training course. Employers can combine financial literacy initiatives with superannuation, or even staff counselling services.
Overall, the resources provide a range of practical options and tips that will help employers design a programme that fits their particular needs and resources. Financial literacy in the workforce is not a one size fits all initiative.
Online resources URL: http://www.understandingmoney.gov.au/content/education/Workplaces
Download Booklet: http://www.understandingmoney.gov.au/documents/workplaceshandbook.pdf