FinancialWellbeing101 Case Study

Financial wellbeing, or the lack of it, affects everyone. Yet financial wellbeing is often missing from employee health and wellbeing programs.

Private financial stresses impact employees’ happiness, distract them from success at work and can negatively influence workplace culture. Conversely, when employees are less stressed and more confident about their finances, they are empowered to be more productive.

Stanwell Corporation is a government-owned energy company, operating from multiple regional and metropolitan sites in Queensland. Its team comprises of around 700 employees, from apprentices to senior management. Stanwell needed a flexible and thorough financial wellness program that would be of use to the whole organisation. That’s why they teamed up with Money101 to introduce a financial wellness program to their organisation.

We chatted to Peter Johnson, Manager, People & Culture Services, to learn how Money101’s services made a difference to their employees.
What problem were you looking to solve when selecting FinancialWellbeing101?

Our Health and Wellbeing Committee wanted to provide a complete set of support for the mental health and wellbeing of our employees and their families. We identified financial wellbeing as a missing pillar.

We understand that financial issues are one of the major catalysts for anxiety, depression and other mental health issues. We wanted to give our employees and their families a support mechanism that provides relevant information and help them determine solutions to their financial issues or queries.

Why did you choose Money101?

We had in the past worked with other providers and presented webinars for employees and their families but it was a bit ‘hit and miss’. We found a lot of courses limited in content and not very agile.

By contrast, the Money101 online program offers 110 modules spanning seven life stages, across key areas of interest. This enables our employees to easily personalise and optimise their learning, to best meet their individual needs and priorities.

We were very impressed by the fast turnaround and onboarding process. We could have started the program sooner, but it took longer for us to have Money101 set up as a supplier than it did for Money101 to get us ready to go live!

Implementing Money101 was a seamless process. It provided our employees and their families a financial support tool which perfectly complemented our other health and wellbeing initiatives.

Through digital delivery it was possible to make FinancialWellbeing101 available not only to our employees but to their families as well. With a predominantly older, male workforce, it was really important for us to offer this support.

The other great aspect of the online education hub is that it delivers timely information, available anytime, and it’s simple and easy to understand. The program covers a wide range of content, and represents a great value-for-money investment in our people.

Peter Johnson, Manager, People & Culture Services

What would have happened if you had not implemented FinancialWellbeing101?

Some employees and their families would not have access to financial information and may have not been able to make the most optimal financial decisions. The program modules are great building blocks to developing a positive relationship with money and better financial wellbeing.

What risks did you consider?

It was more about getting a ROI on our investment and making sure our people are aware of the service and what it involves. To mitigate this we did a mail out to all employee families and developed a comprehensive ‘communication plan’ to continually promote the program.

In addition to this we have incorporated some modules as part of development training for our Early Adult Programs (apprentices, trainees, graduates) and employees ‘Transitioning to Retirement’. Wherever we have the opportunity to link back to the learning modules, we do. This has facilitated greater engagement with the program.

Did you have any reservations in selecting the program?

The only reservations we had were related to ensuring we get ROI on our investment. The team at Money101 have been fantastic in providing support where needed in assisting us with the communication to help promote the program to our employees and their families. It has made engagement much easier.

What measurable benefits have you seen?

We are able to meet our team's needs, wherever they are in their financial journey. Our staff cover a wide age range across numerous life stages. We have young apprentices utilising the program as part of their onboarding and professional development. There are employees experiencing life events such as moving out of home or getting married and having a baby, and the course is an invaluable asset to them. And it’s even been useful for those who are further along their career path, engaging with modules addressing transition to retirement and aged care.

We've seen a high usage rate of the program and received many positive comments from our employees and families. We've also received a ringing endorsement from the CEO, commending us on selecting and implementing such a great initiative.

Peter Johnson, Manager, People & Culture Services

Ready to get started?

Get IN Touch TODAY