Afterpay and the Australian Retailers Association (ARA) have teamed up to deliver a free financial literacy education program, specifically designed for retail workers.

The program aims to address the education gap in financial literacy experienced by retail workers, which include a high proportion of Millennials and Gen Z.

Consisting of four different independently designed courses, the initiative is part of Afterpay and the ARA’s ongoing strategic partnership to help support, promote and future proof Australia’s $362 billion retail sector.

Afterpay and the ARA engaged with financial experts to create the content, which is self-led and distributed through online learning platform, OpenLearning.

The four courses that make up the financial literacy program are: Foundations of Financial Wellbeing, Introduction to Financial Resilience for Retail Workers, Introduction to Concepts of Wealth Generation and Understanding Financial Products.

The 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.

ARA CEO, Paul Zahra said 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. It’s more important than ever that retail workers have the financial skills to navigate the economic challenges and opportunities that lie ahead,” he said.

“These courses complement the ARA Retail Institute – our registered training organisation, which caters for the education and professional development needs of the Australian retail industry.”

Afterpay vice president of global regulatory affairs, Michael Saadat, said Afterpay is strongly committed to increasing the level of financial literacy in the community.

“Through our partnership with the ARA, we are proud to be helping support the financial capability of retail workers, particularly given the impact of the pandemic. Promoting financial literacy and financial wellness is at the core of Afterpay’s purpose and mission to create financial freedom for all.”