Money: Staff thrift gets a lift

By Dita De Boni

Australian-based travel agency chain the Flight Centre is taking a peek into staff members' personal finances - but it's all in a good cause.

The company - the fourth largest travel chain in the world, with New Zealand sales of $300 million last year - is offering all its 330 staff in New Zealand the opportunity to train in a financial planning programme known as MoneyWi$e.

The Kiwi MoneyWi$e programme - covering everything from eliminating student loans to the best investment options -- is led by Scott Earley who says his aim is to "teach workers the basics and get them on the right track to building up regular savings."

Mr Earley even reckons MoneyWi$e is doing its part to help plug the notorious Kiwi "brain drain" by allowing the relatively young Flight Centre staff to feel confident about paying off loans and travel debts, without escaping overseas.

"Most of our staff - around 90 per cent - don't have travel backgrounds, but many have just come back from travelling when they join us," he says.

Flight Centre financial director Zac de Silva says MoneyWi$e is much more than a feel-good exercise. It gives staff the ability to feel confident that they can meet their financial goals as well as a working impetus for "more sales, more commission, more profit."

"Most retail jobs offer really poor wages, but here they can make good money and we believe that is one of the reasons we are successful.

"What we then do is give them the tools to utilise those potentially very high levels of commission."

Mr Earley: "My motto is too never leave a staff member feeling down - whatever their situation is, there's always a way out of financial strife."

And his basic advice for staff wanting to maximise their financial situation?

"First thing is demolish debt. Building up regular savings, usually using two bank accounts and a 'goal' account, and understand your weekly budget.

"The other thing I often have to teach is don't overuse credit cards - don't chase your tail!"