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Published 18 July 2023 | 2 min read
Are expecting parents struggling financially?
Parenthood is an exciting and transformative journey, but it can also bring a lot of financial challenges. Many soon-to-be parents find themselves overwhelmed by the financial implications of starting a family. The stress of estimating changing income, budgeting for baby-related expenses, and managing family finances can take a toll on their overall well-being. Recognizing this struggle, Suncorp New Zealand has taken a step forward to support its employees during this significant life transition.Agitate
In the past, expecting parents often had to navigate the financial complexities on their own. This lack of guidance often led to unnecessary stress and anxiety. But now, Suncorp New Zealand is addressing this issue by offering a groundbreaking solution. The company has extended its parental leave benefits by introducing the Financial Baby Prep Programme, an online financial wellness course specifically designed to empower employees expecting a child.
Is there a solution to financial struggles?
What makes this initiative intriguing is its focus on financial wellness. Suncorp New Zealand understands that the road to parenthood involves much more than just diapers and baby clothes. By offering employees the opportunity to develop financial literacy and make informed decisions, the company is ensuring that they feel supported and equipped to handle the financial aspects of starting a family. It's a refreshing perspective that acknowledges the holistic needs of employees during this crucial phase of life.
The positive failure associated with this initiative is the potential for employees to suffer from financial stress and strain due to inadequate preparation. Without the necessary knowledge and tools, new parents may find it challenging to navigate the financial hurdles that come with raising a child. However, by embracing the Financial Baby Prep Programme, employees can avoid this pitfall and build a solid financial foundation for their growing whānau (family).
Suncorp's Financial Wellness Course
Under the Financial Baby Prep Programme, Suncorp New Zealand offers expecting employees a comprehensive range of financial knowledge. They will learn how to estimate the changes in their income during parental leave, create budgets for baby-related expenses, and manage family finances for both short-term and long-term goals. The course is designed to equip employees with the tools and resources they need to make confident financial decisions as they embark on their journey into parenthood.
Catherine Dixon, Suncorp New Zealand's Executive General Manager for People and Culture, emphasizes the company's commitment to supporting employees during this significant life event. Dixon states, "We want our people to feel ready to step into parenthood, and this course will give them the tools and resources needed to create a solid financial foundation for their growing whānau."
Suncorp New Zealand has made employee well-being a priority by expanding its parental leave benefits. The introduction of the Financial Baby Prep Programme is just one example of how the company fosters overall well-being both in the workplace and at home. Previously, Suncorp New Zealand introduced six weeks of paid Gender Affirmation Leave and up to 12 months of unpaid leave to provide comprehensive support during critical life events.
For Annabelle Thompson, Tribe Lead - Digital Connectivity for Suncorp New Zealand, the Financial Baby Prep Programme has been a game-changer. As she expects her first child this year, she praises the program, stating, "There are costs that are indirectly related to having a child which aren't obvious in the beginning, so it's been great to be able to cover these with my husband able to join too."
Suncorp New Zealand's extension of its parental leave benefits through the Financial Baby Prep Programme showcases the company's commitment to the well-being of its employees. By offering comprehensive financial knowledge and resources, Suncorp New Zealand is empowering expecting parents to make informed decisions and build a solid financial foundation for their growing families. This initiative serves as a testament to the company's dedication to supporting employees during significant life transitions, making it an exemplary model for other New Zealand businesses to follow.