Tomorrow is International Economic Harm Awareness Day, and the Financial Services Council (FSC) is drawing attention to the role employers can play in addressing economic harm, a form of family violence, through a practical workshop incorporating a real-life case study.
The practical workshop, which can be viewed here, was run by the non-profit organisation Good Shepherd New Zealand as part of the FSC’s regular FSC Connect webinar series.
Good Shepherd NZ’s Head of Purpose and Impact, Nicola Eccleton, and Projects Advisor – Economic Resilience, Beryl Brogden, facilitated the discussion alongside Katie Duncan, former Director of White Tie Catering and White Tie Health Services, who shared her own experience as an employer and how she addressed an instance of economic harm.
Duncan acknowledged that not only was it the right thing to do, but the economic harm experienced by her employee was significantly impacting her business’s bottom line. As a form of family violence, economic harm not only impacts individuals but is estimated to cost New Zealand employers $368 million annually.
FSC CEO Richard Klipin says, “The FSC’s strategic vision is to grow the financial confidence and wellbeing of New Zealanders. Employers have a critical role to play, and we hope this workshop helps grow awareness of what economic harm is, what it can look like, and how it can be addressed.”
FSC Head of Content, Communications and Marketing, Clarissa Hirst says, “The FSC has worked closely with the Good Shepherd New Zealand team for over a year now, including on our It Starts With Action campaign earlier this year which was focused on growing women’s financial confidence and wellbeing.
“In support of International Economic Harm Awareness Day, we want to equip our members and their customers with the tools to recognise and address signs of economic harm in the workplace,” says Hirst.
FSC research from December 2021 found over 80% of women rated their financial wellbeing as moderate, low or very low, while over 60% of women reported worrying about money on a regular basis. Research, including a report from Women’s Refuge, also shows that women are more likely to be victims of economic harm.
“If we are to grow New Zealanders’ financial confidence and wellbeing, we need to address this issue, and we can all play a part by understanding what it is and how we can prevent it,” says Hirst.
Watch the replay of the workshop below. Further support for employers can be found here and more information about International Economic Harm Awareness Day can be found here.
About the Financial Services Council
As the voice of the sector, the Financial Services Council is a non-profit member organisation with a vision to grow the financial confidence and wellbeing of New Zealanders. FSC members commit to delivering strong consumer outcomes from a professional and sustainable financial services sector. Our 108 members manage funds of more than $95bn and pay out claims of $2.8bn per year (life and health insurance). Members include the major insurers in life, health, disability and income insurance, fund managers, KiwiSaver and workplace savings schemes (including restricted schemes), professional service providers, and technology providers to the financial services sector.