Adviser brings financial literacy to auto workers

A Melbourne-based boutique financial advice firm will run a financial literacy campaign for employees at troubled car component plant Denso.

Priority1 Wealth Management has secured a deal with Denso, after the company announced last year it would cease manufacturing and assembly operations in Australia in line with closures at Holden, Ford and Toyota.

Priority1's Corin Jacka said the education programs – which will involve 380 Denso employees – aim to give workers the ability to make better decisions about their money.

The workshops, organised with the support of Maroondah City Council, will cover tips on planning, redundancy packages, wealth creation, retirement, running a small business and self-managed super funds.

Mr Jacka praised Denso’s management for being proactive about educating its employees about their finances.

“We are very impressed with the approach taken by management at Denso,” he said.

“It is an approach we think all employers should contemplate.”

Denso divisional manager Nick Petrakis said the firm had picked Mr Jacka due to his non-aligned business model.

“We chose to work with Corin and his team to provide the financial education program over some more established providers in the industry, because he was one of the very few that offers genuine independent advice that is not tied to any sales of products.”

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