A free financial literacy education program designed specifically for Australian retail workers aims to address the education gap in financial literacy.
The program, comprising four different independently designed courses, will help retail workers understand concepts such as superannuation and interest, budgeting/goal setting, the factors that influence financial wellbeing, and how to weigh risk and benefits around financial decisions.
The program is being delivered the Australian Retailers Association (ARA) in partnership with Afterpay.
ARA CEO Paul Zahra says the courses will ensure retail workers have the necessary financial skills and knowledge to thrive in the industry.
“It’s a pivotal time for Australian retailers as our economy transitions to the ‘new normal’ of the post-Covid world,” he says.
“It’s more important than ever that retail workers have the financial skills to navigate the economic challenges and opportunities that lie ahead.
“Superannuation, interest, budgets and financial risk can be tricky topics to get your head around, especially if you’re a young person starting out in the industry. However, through these new courses … retail workers will get the skills they need to advance their careers,” Mr Sahra says.
Millennials and Gen Z make up a high proportion of retail workers. Research conducted by Ylab in 2020 found these generations have access to a narrow base of advice that limits successful financial behaviours, with 53% of young people learning primarily from their parents.
The report also found that young people who rely on their parents as the primary source of information report the lowest levels of financial literacy.
Over 70 per cent of those surveyed said they would like more skills in planning for the future, and are seeking knowledge around setting financial goals.
The financial literacy courses are distributed through online learning platform, OpenLearning, and are self-led, meaning participants can fit them in around a busy work schedule and life commitments.