‘Money’ and ‘confidence’ aren’t always two words that go together. Hopefully, that’s about to change with a new training initiative that aims to build financial literacy in the greater Auckland Pacific workforce.
Upskills delivers the programme, part of the Auckland Pacific Skills Shift Initiative, in the workplace. It covers key financial literacy basics including financial goal setting, planning and understanding family budgets, compound interest, the real cost of debt and the power of saving. Using the Fonofale framework for wellbeing means the content and process is relevant and meaningful for Pacific staff. On completion of the programme, participants are awarded the Future Ready Money Confidence Microcredential through Otago Polytechnic in formal recognition of their learning.
What’s the link between employee financial literacy and work?
International and local research is clear: money worries impact productivity. In its recent survey, the Commission for Financial Capability found that 46% of employees worried about their finances. 86% of employers reported that money worries interfered with their employees’ productivity. Research out of Canada indicates employees who are less burdened by financial stress are more productive, and less absent and stressed from work (Cakebread, 2014). Worryingly for employers, it is estimated that financially stressed employees spend up to 20 hours per month of their work time trying to solve personal money worries.
What our learners are saying
Participants on a recent Future Ready: Money Confidence programme at Van den Brink Poultry in Auckland, would agree that the programme equipped them with the tools to reflect on their personal circumstances, and plan for a less stressful financial future.
“What I hoped to achieve is saving my money and using it wisely. I feel happy about setting a financial goal because it has helped me set a budget and make better choices,” says Rubin. “The most challenging part about my financial goal was trying to save my money. Because I would always go and spend my money on things that I want but don’t need.”
The benefits of taking part are rippling through families as well. Sara believes the course will make a difference to her family and her future.
“I will teach my kids how to budget and how to create a SMART goal,” she says.
What our tutors are saying
Upskills Tutor and Programme Coordinator, Loma Rodan, says the programme is important from a Pacific point of view.
“Pacific people, we’re so giving which is good. But sometimes you don’t stop and think about how it might affect you. This kind of programme will help you find that balance. Learn to give when you can but at the same time make a decision that will not have a detrimental effect,” says Loma. Importantly, “Money Confidence allows you to make some smart decisions to help others but also to help yourself.”
The inclusion of the Fonofale as a model of wellbeing gives the programme a unique Pacific perspective. As Loma says, we must connect finance to wellbeing. “The fonofale allows us to look at it with a cultural lens. So when things aren’t going the way we planned, we can use the fale to reconnect and rebalance.”
Upskills will be delivering the fully-funded Future Ready Money Confidence programme on-site in workplaces around the greater Auckland region. Talk to one of our team or email firstname.lastname@example.org to learn about how to bring this course to your workplace. Support your team to become money confident.