The program follows a six-month pilot
Kiwibank will soon launch a financial wellbeing programme for its staff, in the belief that supporting them to become financially secure was the first step towards helping customers do the same.
The programme will be rolled out following a six-month pilot, which the New Zealand-owned bank said helped participants move closer to their financial goals.
Kiwibank’s financial wellbeing programme for its staff included an assessment of financial behaviours and goals, then focused on creating an action plan, with an in-house financial wellbeing coach helping the group stay on track, Stuff reported.
Julia Jackson, Kiwibank head of purpose and sustainability, said financial security meant different things to different people.
“It could be something as big as having the house fully paid off or as small as being able to treat the kids to an ice cream at the weekend,” Jackson said. “The programme is designed so it can be tailored for individuals and their specific goals.”
She noted a high level of engagement in the programme, with 89% of people who signed up seeing it all the way to the end and making good progress.
“Of those who set a short-term goal, 100% achieved that goal,” Jackson said. “With the long-term goals, 100% had implemented their action plan.”
Lara Hares, Kiwibank customer business leadership team member, believed the programme would have a lasting effect on its participants.
“I now have the tools and knowledge to go further with my financial wellbeing, and it will be a lifelong journey, which I'm so grateful for,” Hares said.
Recent research showed that financial stress could impact productivity and many businesses could reap benefits from similar schemes, Jackson said.
The Kiwibank programme would soon be rolled out to all staff and the bank was looking at how it could also be offered to customers.
“Some of the tools and resources will be able to be used there,” Jackson told Stuff. “But, in the meantime, helping the people who interact with our customers on a daily basis to have deeper conversations with them about financial wellbeing and security is a great step forward.”
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