Taking Action to Make Geelong the Most Financially Inclusive and Resilient City - Australia's First Place-Based Financial Inclusion Action Plan ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Taking Action to Make Geelong the Most Financially Inclusive and Resilient City Australia’s First Place-Based Financial Inclusion Action Plan (2020- 2021)
The Financial Inclusion Action Plan Evidence from the 650+ actions committed through (FIAP) Program provides a platform for the national FIAP program shows that11 organisations across diverse sectors to › $62m has been invested to support 121,000 people combine forces to improve the lives of in times of financial need more than 2.1 million Australian adults › 500,000+ people have participated in financial who are financially vulnerable.1 capability building workshops › 10,000+ employees have been trained to improve Since 2015, the FIAP Program has enabled their ability to support financially vulnerable 40 organisations to take collective action to households realise greater financial inclusion, resilience and wellbeing within their own sphere of influence. In early 2018, the Helen Macpherson Smith Trust extended an opportunity for Good Shepherd to leverage the learnings of the national FIAP Program and test it in a specific place of disadvantage in regional Victoria. Geelong was selected as the first location to pilot the concept of a Place-Based FIAP. 2.1 million The place-based FIAP Program works on the premise that organisations which are on the ground are best equipped to understand local challenges, identify the risks and triggers of financial exclusion, and can take practical actions to address these in collaboration adults are financially with others. vulnerable in Australia 1 1 in 4 employees suffer from 13% financial stress, costing Australia 1 in 3 $47 billion per year 2 Victorian adults have Victorian adults are just low or very low level of managing to pay their financial knowledge 1 debt and have no savings 1 Rental stress in 68% of Geelong’s workforce parts of Geelong is is unskilled labour 3 61% 1 in 4 households in Geelong live on a low income 3 higher than Victoria 3 No one sector can address these wicked problems — businesses, not-for-profits, academic institutions and governments must work together to bring about a positive change. 2 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
A message from Elaine Carbines Financial exclusion is a global problem with the internal resources they need to respond to local implications and challenges. Research unexpected financial shocks. Historically, Geelong has benefited from successful cross-sectoral from the Centre for Social Impact (CSI) at approaches such as those practiced by G21- UNSW Sydney shows that more than three Geelong Regional Alliance and the Give Where million adults are financially excluded in You Live Foundation with their GROW initiative Australia, lacking access to safe, affordable which are leading the way in regional economic and appropriate financial products and development in Australia. These initiatives are successfully working with local business, services when they need them. Many government and community organisations to people also lack financial resilience, the improve people’s lives in the Geelong region by ability to recover from adverse financial taking actions to address disadvantage, respond circumstances — 2.1 million adults are to global competition and collaborating with financially vulnerable, and only 36 percent others to develop region–wide community benefit. of the population consider themselves The Geelong Financial Inclusion Action Plan financially secure. (FIAP) Program complements initiatives underway in Geelong to address regional challenges. The People on low incomes are at a higher risk FIAP enables local organisations from multiple of experiencing financial stress and hardship; sectors to take collective action to enhance poverty; vulnerability to predatory lending financial inclusion, resilience and wellbeing of the practices, and poorer social, emotional and health community, particularly for vulnerable groups outcomes. Financial inclusion is therefore an who are most likely to be ‘at-risk’ of low financial important contributor to economic development resilience. Actions such as better supporting job- as it enables people to have access to safe and seekers through a deeper understanding of their affordable credit, savings and insurance. needs; developing responses including proactive Despite three decades of economic growth in hardship management; and financial capability- Australia, many households in regional/rural building for customers, employees and suppliers communities experience significant poverty and will contribute to community inclusion in Geelong. socio-economic disadvantage, fueled by lower Therefore, I would like to congratulate the local education, lower-paid/lower-skilled jobs and organisations (Geelong FIAP Pioneers) for their uncertain work as compared to urban areas. proactive leadership in developing Australia’s first The Geelong region aspires to be Australia’s place-based Financial Inclusion Action Plan in most desirable destination for living, visiting, Geelong and acknowledge the support from Good working and investing; renowned for its vibrant Shepherd to enable this cross sectoral effort to inclusive community, and vigorous economy. make Geelong the most financially inclusive and Yet we acknowledge that the region is not resilient city in Australia. without challenges, including the rising cost of living, as well as pockets of specific socio- economic disadvantage which experience entrenched poverty. While the level of financial inclusion and resilience is directly associated with an individual, Elaine Carbines organisations have a critical role to play in Chief Executive Officer strengthening people’s ability to cope with G21 – Geelong Region Alliance financial adversity and support people to develop Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 3
Leading the way in Geelong The Geelong Financial Inclusion Action Plan (FIAP) Program is proud to acknowledge the proactive leadership of the local organisations (Pioneers) in developing Australia’s first place-based FIAP. The FIAP Program has been conceived to enable organisations from all sectors to better understand their own role in supporting financial inclusion and resilience, and take practical actions to realise this. Geelong FIAP Pioneers 4 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
The Financial Inclusion Action Plan (FIAP) Program One fifth of the world’s population (1.7 billion adults) Therefore, financial inclusion is a key pillar of economic lacks access to formal financial services from a bank or development and in acknowledgment of this the G20 digital payments provider. 4 members committed to a Global Financial Inclusion Action Plan at the 2010 Seoul Summit. This financial exclusion compromises their ability to break out of the cycle of poverty and participate in Following this, at the 2014 G20 summit the Australian economic development, as they cannot save, invest in Government committed to develop a national financial health or education, or take out a loan. inclusion action plan which would complement the UN Sustainable Development Goals. Significant segments of the population in emerging economies are impacted, in particular the rural poor, Recognising that financial inclusion is best addressed by women, and displaced people. Yet high-income, a cross-sectoral, action-led approach, Good Shepherd developed countries are also likely to experience such was commissioned in 2015 to develop and implement exclusion — in Australia, almost 18% of adults lack access Australia’s Financial Inclusion Action Plan in partnership to safe and affordable credit, savings and insurance 1, with EY and the Centre for Social Impact (CSI) at the relying instead on informal providers who can charge University of New South Wales 5. exploitative fees, and draw unwary users into debt spirals resulting in financial crisis. ” Financial hardship can impact us all, at any stage in our lives. Through the FIAP program, our hope is that every organisation will be able to respond in time and every time to ensure financial hardship can be identified early, managed and overcome. By building capability, awareness and greater access to appropriate products and services, organisations in Geelong will see social and economic benefits realised for their customers, employees and the wider community. I would like to congratulate the Geelong Pioneers for developing Australia’s first place-based FIAP and for taking action to strengthen financial wellbeing in their local community. Stella Avramopoulos Chief Executive Officer Good Shepherd Australia New Zealand Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 5
What is a Financial Inclusion Action Plan? A FIAP is a commitment made by an organisation to take practical actions to improve financial wellbeing for its customers, employees, supply chain and community partners. How does the Financial Inclusion Action Plan Program work? The Program provides support to organisations to develop a FIAP using a consistent framework of tools and methodologies. Members have the opportunity to build partnerships, and learn from each other through online tools and regular Community of Practice events. It also provides member organisations with the opportunity to contribute to building resilient and supportive communities by: Enabling participants to Testing innovative Scaling-up what works via work collaboratively across approaches to improving individual and collective sectors financial wellbeing action. By committing to take practical actions, the FIAP members also contribute to 12 of the 17 Sustainable Development Goals which are associated with reducing inequalities and promoting inclusive growth. 6 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
Why Geelong? Challenges and Influences The Geelong region has a diverse The top two industries providing Research shows that people on economy, with growing industries employment in Geelong - health care low incomes living in regional/rural and access to infrastructure, yet and social assistance (15.3%) and areas, in particular those who are heavy manufacturing has historically retail trade (12%) - are associated unemployed/under-employed, are been the biggest employer. More with more casual/part-time contracts, the most vulnerable to financial recently, the uncertain global lower pay and longer working hours.3 hardship, and the least able to economy and technological It is therefore not surprising that manage financial risks such as rising disruption has led to the downsizing employed Greater Geelong residents cost of living.16 and closure of many factories. are less likely to work full-time (57%) Further life events such as The local economy is transitioning as compared to the Victorian average relationship breakdowns resulting in towards more diversified (64.5%).3 separation/divorce/family violence; employment in higher-skilled service Some suburbs have significantly ill health, death of family member industries including education, health, higher unemployment rates such as or care giving responsibilities could scientific research and tourism 10 yet Corio-Norlane (21.6%), Portarlington lead to financial stress and hardship, those with lower skills and education, (10.3%) and Newcomb — Moolap contributing to inter-generational particularly older workers, are likely (12.6%) as compared to the City of poverty, limited access to stable to be left behind. Greater Geelong (6.9%).9 housing and social exclusion. 10% of low income families Second in Geelong are in need highest of government support, compared to the Victorian average of 8.4%6 level of homelessness in regional Victoria affecting 47 people per 10,000 7 10.7% of households in Geelong face rental stress6 6.3% of Geelong population (aged 15-64 years) receive Family violence Disability support pension as compared to Victorian incidence rate of average of 4.7%6 1,274 per 100,000 persons in Geelong compared to 1,166 per 100,000 in Victoria8 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 7
Developing Australia’s First Place-Based FIAP A place-based approach reflects an understanding of The Geelong FIAP showcases the collective efforts the community and its people and empowers them to undertaken by the ten local organisations (Pioneers) who develop a holistic response to a set of problems that are are driven by the desire to improve financial wellbeing specific to a location or community. outcomes in Geelong. The Pioneers put in enormous time and effort to understand the key challenges faced Place-based approaches are producing positive results by their customers, employees and broader community in Australia and globally, including greater uptake of and turned these challenges into opportunities for services within communities and improved use of local taking action while envisioning Geelong to be the most assets and infrastructure. This leads to better outcomes financially inclusive and resilient city in Australia. for families and economic benefits at the regional, state and national level.16 Objectives of a place-based FIAP Promote local leadership Create a framework for local and identifying people organisations to take actions within the community to realise financial inclusion, who have the capacity to resilience and wellbeing within drive change. their sphere of influence. Embed the identified actions Enhance the financial wellbeing into business as usual practice outcomes of current and of participating organisations. future generations of residents in Geelong. Over the longer term, implementation of the committed actions are expected to deliver: Short term outcomes Medium term outcomes Long term outcomes › Improved support for › Organisational culture › Improved financial financially vulnerable enables employees capabilities customers, employees, to better identify and › Collective actions suppliers and wider support financially become industry norms community vulnerable groups › Increased › More partnerships and understanding of collaboration to support barriers to financial vulnerable groups inclusion, resilience and wellbeing Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 9
Geelong FIAP Journey to date September 2018 s Six Financial Inclusion Principles for Geelong defined June 2018 s Opportunities for s Vision for actions identified January 2018 Geelong developed s Four working First place-based groups formed s Gap Analysis FIAP project and Ecosystem funded by the mapping Helen Macpherson Smith Trust commenced in Geelong 10 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
20 February 2020 August — Launch of December 2019 Australia’s first s 40 actions co- designed and place-based FIAP committed by the in Geelong April — July 2019 FIAP Pioneers s Quarterly Geelong FIAP Community of Practice meetings Taking Action to Make Geelong the Most Financially Inclusive and Resilient City convened to provide Working together to make Geelong the Most opportunities for Financially Inclusive and Australia’s First Place-Based Financial Inclusion Action Plan Resilient City in Australia (2020- 2021) networking and knowledge sharing 2.1 million What is a Financial Inclusion Action Plan (FIAP)? 1 in 4 adults are financially vulnerable in Australia 1 The purpose of the Financial Inclusion Action employees suffer from Plan (FIAP) program is to realise inclusive financial stress, costing growth for individuals and communities in Australia $47 billion per year 2 Australia. A Place Based FIAP Program enables s Geelong FIAP flyer local organisations from multiple sectors to take collective action to enhance financial 13% inclusion, resilience and wellbeing within their own sphere of influence. Victorian adults are just managing to pay their debt and have no savings 1 developed to share 1 in 3 Victorian adults have low or very low level of Geelong FIAP Pioneers financial knowledge 1 68% the project overview Rental stress in of Geelong’s workforce is unskilled labour 3 parts of Geelong is 61% higher than Victoria 3 1 in 4 households in Geelong live on a low income 3 Financial wellbeing is everyone’s business. By working together, corporations, not-for-profits, academic institutions and governments can bring about positive change. 1 Centre for Social Impact (2018) Financial Resilience in Australia 2018, UNSW Sydney: Centre for Social Impact. 2 Financial wellness in the Australian workplace (AMP) 2016 3 Census of Population and Housing (2016), Australian Bureau of Statistics Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 11
Collective Actions, Leading Change Working together the Pioneers developed a future vision for Geelong and a common set of financial inclusion principles to guide the current and future actions. These principles were informed by undertaking an extensive review of financial inclusion principles from across the globe, as well as other relevant local principles articulated in various local council plans. Understand Collaborate › The social and economic › Through partnerships determinants of financial between government, exclusion and resilience business, academia and community organisations to › The impact of financial achieve financial wellbeing exclusion on overall wellbeing for local communities of individuals Embrace Commit › The needs, preferences and › To person centric and behaviours of people on the targeted actions for groups basis of gender, culture, age, facing significant barriers ethnicity, disability, sexual to financial inclusion orientation, life stages etc. and resilience within the while designing organisation organisation’s sphere of strategies influence Empower Measure › Individuals and communities › Progress through robust to take informed financial evaluation to inform better decisions by drawing strategies and practices on internal capabilities › To build on the evidence base and appropriate external resources › Organisations and their employees to provide more holistic support 12 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
‘Shifting the Dial’ on Financial Inclusion, Resilience and Wellbeing in Geelong 40 Over the past 24 months, the Geelong Pioneers have worked together to understand the local challenges contributing to financial hardship and stress, and co-designed 40 actions to address these challenges. These actions focus on improving actions to address access to safe and affordable products and services, increased local challenges understanding of financial vulnerability, enhancing economic security, and financial capability. Actions committed in the Geelong FIAP are expected to prevent people from falling back into distress and improve financial resilience which include implementing hardship and cross referral programs to better support vulnerable customers; improving the availability of targeted supports such 10 Pioneer as emergency relief, specific scholarships for students in financial hardship, Organisations delivery of financial capability development workshops; and identifying the challenges of employees experiencing financial hardship. The Geelong FIAP recognises and acknowledges the potential synergies and collaboration opportunities with various community driven and multi-sectoral initiatives in Geelong. The Geelong FIAP complements local initiatives GREATER GEELONG G21 HEALTH AND WELLBEING PILLAR PRIMARY CARE PARTNERSHIP STRATEGIC PLAN 2018 - 2021 1. Greater Geelong: G21 Region Health Taking Action to Make A Clever and & Wellbeing Plan Geelong the Most Financially Inclusive and Resilient City Creative Future Australia’s First Place-Based Financial Inclusion Action Plan (2020- 2021) Council Plan 2017-2021 Revised 27 June 2018 1 Colac Otway Health & Wellbeing Plan GROW Strategic Plan Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 13
Turning Good Intentions into Real Outcomes The actions co-designed by the Pioneers respond to a wide range of triggers of financial exclusion and low resilience and address the needs of multiple stakeholders. Number of actions by Number of actions by FIAP Action Areas Stakeholder groups 10 Understanding of 15 Financial Vulnerability 12 12 11 Financial 10 Capability 9 7 11 Economic Product Community Students Employees Customers Security and Services Note: Number of actions can overlap across stakeholder categories Number of Pioneer actions addressing key risks Student/ Youth Women/ Low Income Gender Financial Hardship Employment Gambling Mental Health 14 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
Supporting Customers in Hardship “ We are proud to be part of the first place-based FIAP program in Geelong, as Barwon Water has a long history of supporting regional prosperity and engaging with the community to make a difference to health and wellbeing. Our aim is to build financial inclusion and resilience of our customers and we are committed to supporting those who may be vulnerable and experiencing financial difficulties. The FIAP program has and will continue to provide us with an opportunity to enhance these outcomes as we challenge the way we think, test new ideas and work with others to create a greater impact within our local community and region as a whole. Jo Murdoch General Manager, Customer & Community Barwon Water Customer Assistance Pop-Ups with Barwon Water Barwon Water recognises that some One of the ways we are raising more customers may from time to time awareness of our program is through our new shopping centre pop-up stalls. These are experience hardship, which may vary providing our customers with an alternate way in its extent and duration depending to access our services that form part of the on individual circumstances. Just customer support program. Since mid-2019 over 12 months ago Barwon Water we have been to Corio, Newcomb, Colac and undertook a series of workshops with Ocean Grove shopping centres, helping over 200 customers. support agencies who directly assist people experiencing hardship within This is how we met Mary. Without success, Barwon Water had attempted to make the region. These sessions explored the contact with Mary on a number of occasions, group’s definitions of hardship, areas to see how we could provide a greater level of hardship in our region and priorities of support. We did end up providing this relating to this. support, following Mary’s visit to our pop-up location in Corio. The feedback and learnings from these What we were not aware of was that Mary had sessions led us into co-designing our Customer a hearing disability and was unable to answer Support Strategy, which is centred around four our calls. When meeting her in person, we strategic objectives: were able to place Mary on an Arrange & Save 1. Building capability of our staff payment plan as well as assist her to complete a Utility Relief Grant application which has 2. Improving and expanding on our suite of since been granted by the Department of hardship programs Health and Human Services as well as being 3. Raising awareness matched by Barwon Water. 4. Building trust through partnerships and engagement. Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 15
FIAP Action Area One Products and Services We will provide safe, affordable and accessible products and services which meet the needs of our customers, employees and the broader community. Products and Services Stakeholder Committed Action Output Outcome Responsibility Timeframe Statement Customers, Design and deliver a s Ensure relevant policies, s Improved support for Barwon Water, June 2020 Community customer cross referral procedures and agreements financially vulnerable Colac Otway program in partnership are established. customers, staff, suppliers Shire, Colac with local organisations to s The cross referral program and wider community Area Health better support customers has been tested and rolled s More partnerships and experiencing financial out. collaboration to support hardship. vulnerable groups Community Develop an innovative s Formalise partnerships with s Increased pathways & tools Give Where You December program, in collaboration key stakeholders for roles for ongoing support for Live Foundation 2020 with AWA Alliance Bank, and responsibilities. vulnerable groups to enable access to s Pilot commenced. s Improved access to personal transport for appropriate financial employment purposes products and services such as a no interest loan product with an insurance component for job seekers to buy a car or work tools. Customers Raise awareness of s Design and deliver s Improved support for Barwon Water December Barwon Water Hardship communication via website, financially vulnerable 2020 Program to reach social media and printed customers, staff, suppliers and service more media. and wider community communities. s Promote the hardship s More partnerships and program at community collaboration to support events and local shopping vulnerable groups centres. s Targeted promotion of our customer support programs to eligible customers on a regular basis. Customers Explore options to s Relevant partnerships to be s Improved support for Barwon Water December implement water related identified and established financially vulnerable 2022 services including as needed and programs customers, staff, suppliers water audits and to be designed and and wider community plumbing assistance. implemented. Customers Review credit s Correspondence reviewed s Improved support for Barwon Water December and collections and updated to reflect a financially vulnerable 2020 correspondence language more inclusive language on customers, staff, suppliers as an ongoing process to an ongoing basis. and wider community ensure it is more inclusive and supportive to vulnerable customers. Customers Explore opportunities s Identify and establish s Improved support for Barwon Water December Community to work with local relationships with local financially vulnerable 2020 councils and other local organisations such as Colac customers, staff, suppliers organisations to address Otway Shire, City of Greater and wider community financial hardship in the Geelong, Centrelink etc. s More partnerships and Barwon water region. collaboration to support vulnerable groups 16 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
Stakeholder Committed Action Output Outcome Responsibility Timeframe Statement Students Review the consolidated s Review policy and s Increased pathways & tools Deakin December financial support program procedures to enhance for ongoing support for University 2020 for students facing inclusion. vulnerable groups significant challenges s Review communication to remove systematic channels and messages to barriers to inclusion. prospective and current students. s Increased number of scholarships awarded on an equity and needs basis. Students Increase visibility and s Increase in number of s Increase in targeted and Deakin December awareness of financial referrals and enquiries scalable resources to build University 2020 counselling services to financial counselling financial capabilities facilitated through Deakin services. s Improved support for University Student s Information dissemination financially vulnerable Association (DUSA) in through one to one customers, staff, suppliers Geelong. interactions as well as and wider community digital channels on a regular basis. Students Organise a pop-up tax s A pop-up tax help service s Increase in awareness and Deakin December help centre in Geelong established in Geelong availability of appropriate University, 2020 campus prior to end of campus. financial services Deakin financial year University Student Association Students Increase visibility and s A range of communication s Improved support for Deakin August awareness of Work platforms are designed financially vulnerable University 2020 and Development and delivered for students/ customers, staff, suppliers and Deakin Permit program, an staff including internal and wider community University initiative designed to publication, pop up s Increased pathways & tools Student assist students with information session, web for ongoing support for Association infringement debt to pages, student network to vulnerable groups (in partnership work off their fines inform students/staff about with Barwon through participating in the initiative. Community designated activities, in Legal Service Geelong. and Department of Justice) Customers Raise awareness of s Information about the s Improved support for City of Greater December assistance available for assistance the City can offer financially vulnerable Geelong 2020 ratepayers experiencing to rate-payers experiencing customers, staff, suppliers financial hardship to financial hardship is revised and wider community ensure greater uptake and communicated through s Increased pathways & tools of that assistance by appropriate channels and for ongoing support for vulnerable community platforms. vulnerable groups members. Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 17
Community opportunities for financial inclusion Re-building Life after Family Violence through Financial Counselling Support with Bethany Sally visited Bethany Community The financial counsellor negotiated with Support to seek assistance to re- various service providers to arrange more flexible payment options as well as transferring establish herself after being separated accounts to her ex-husband’s name – accounts from her husband due to family violence. that were set up in her name initially as her ex- husband was unable to receive services due to non-payment of previous debts. She was looking for a rental property for herself but was unable to pay the bond or Currently, Sally is applying for family violence rent in advance. She did not have any savings flexible support packages so she can due to her partner’s gambling habits and concentrate on other debts in her name and accumulated debts. move on from her past. Bethany’s financial counsellor sourced initial Sally keeps the financial counsellor updated support from housing establishment funding when she is able to pay down and cancel a to assist with bond and advance rent to secure debt, moving payments to the next debt. a rental property for her. She continues to save $200 per fortnight. At times, Sally uses this money for unexpected Sally was also offered assistance with expenses, but she is committed to keeping her budgeting, debt management and financial savings going so she can reach her goals. goal setting. She had numerous personal loan debts and outstanding bills that had been put in her name, joint debts which she was now left to negotiate and pay the outstanding amount on her own. 18 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 19
FIAP Action Area Two Financial Capability We will foster organisational culture to enhance the financial capability of employees, customers and the community. Financial Capability Stakeholder Committed Action Output Outcome Responsibility Timeframe Statement Community Explore ways of s Training conducted for s Increased financial Give Where You December incorporating money employment consultants capability of individuals Live Foundation 2020 management sessions about financial as part of the existing hardship and/or money service offerings to the management. jobseekers. s A checklist is developed to help employment consultants to identify clients financial challenges or their needs for support. s One to one support offered. Customers Provide targeted financial s Training materials and s Improved support for MatchWorks December Community capability workshops for support are designed and financially vulnerable 2020 MatchWorks clients (job developed specific to the customers, staff, suppliers seekers) in partnership needs of job seekers. and wider community with local providers with s Financial capability s Increased financial opportunity to refer to information sessions and capability of individuals further support when support are delivered. required. Customers Provide education and s Workshops and forums are s Improved support for Bethany Ongoing Community support for individuals delivered as identified by financially vulnerable and community groups to the community. customers, staff, suppliers improve financial literacy and wider community skills s Increased financial capability of individuals Students Facilitate and deliver s Workshops and information s Increase in targeted and Deakin March / money management sessions are delivered. scalable resources to build University April 2020 workshops for students financial capabilities in residential colleges to build their financial capability. Community Deliver money s Workshops and information s Increase in targeted and Deakin December management workshops sessions are delivered in scalable resources to build University 2020 for year 11 students outreach program. financial capabilities targeted through Deakin s Improved support for University outreach financially vulnerable program to build their customers, staff, suppliers financial capability. and wider community Students Raise awareness of s Pop-up information s Improved support for Deakin Wellbeing financial support sessions are delivered. financially vulnerable University, Week services including money s Introduction of Webinars to customers, staff, suppliers Deakin December management resources promote financial literacy and wider community University 2020; at the ‘Wellbeing Week’ covering multiple topics, Student Open Days and ‘Open Day’ Deakin such as credit cards, Association August University (Geelong budgeting etc. 2020; Campus) in partnership Webinars s Feedback and surveys on with internal and external June 2020 student needs and priorities stakeholders. are collated. 20 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
Stakeholder Committed Action Output Outcome Responsibility Timeframe Statement Students Explore financial s Executed agreement s Increase in targeted and Deakin August / management needs of between the Faculty of scalable resources to build University September students in transition to Nursing and Midwifery and financial capabilities 2020 workplace with a focus internal/external financial on final year students in service provider. School of Nursing and s Delivery of financial Midwifery. Facilitate management sessions for financial capability final year students. development sessions in partnership with a service provider. Students Provide targeted financial s Training materials are s Improved support for Deakin June 2020 capability workshops for designed and developed in financially vulnerable University, Higher Degree Research partnership with internal/ customers, staff, suppliers Deakin students in School of external service providers. and wider community University Arts and Education with s Financial capability Student opportunity for referral workshops are facilitated Association to further support when and delivered. required. Students Deliver financial wellbeing s Three training sessions are s Increase in targeted and First State Ongoing and money management held annually. scalable resources to build Super sessions for graduating s Post training session financial capabilities students in Geelong queries are referred to First tertiary institutes. State Super for further assistance. Customers Deliver ‘Super Women’ s Training modules are s Increase in targeted and First State Ongoing module at local developed and delivered. scalable resources to build Super workplaces in Geelong. s Post session queries are financial capabilities referred to First State Super s Increase in strategies for further assistance. to address economic inequality (e.g. equitable pay, mentoring, superannuation, education, housing) Customers Incorporate personal s Information sessions s Increase in targeted and First State Ongoing finance related delivered to mid/senior scalable resources to build Super conversations as part managers. financial capabilities of the professional s Post information session development programs queries are referred to First for management teams State Super for further in workplaces to enhance assistance. financial literacy and capability of their team members. Employees Provide education and s Forums and information s Increase in targeted and City of Greater December support to improve sessions are delivered. scalable resources to build Geelong 2020 financial literacy and financial capabilities capabilities of our staff. s Increased financial capability of individuals Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 21
22 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
Assisting Job Seekers MatchWorks paid for car repairs so I ” could keep my job. They paid for my rego and petrol, medication, dental work, glasses and food vouchers — it gave me back my life! Kerry MatchWorks client MatchWorks helped Kerry find employment with less financial stress MatchWorks client Kerry knows all too well “Leanne stood by me the whole way and I got what it feels like to desperately need support. massive support from MatchWorks,” she said. The mature-age job seeker found herself in “MatchWorks paid for car repairs so I could real financial trouble after her marriage ended. keep my job. They paid for my rego and petrol, Then depression and agoraphobia set in. medication, dental work, glasses and food vouchers — it gave me back my life!” “No-one wanted to employ me even though I had years of experience…I ended up homeless, MatchWorks General Manager jobactive, Nicole surviving on one meal a day,” Kerry said. Mattsson said Kerry is one of a huge number of job seekers who need financial assistance. The Torquay job seeker needed dedicated support to get life back on track. That’s where “Providing financial assistance means we MatchWorks stepped in with employment remove some of the burden so people can services and financial assistance. focus on finding the right job with less stress,” Nicole said. Kerry loves her new Social Support “We advised Kerry to retrain in aged care role at Simply Helping and describes them as so she could boost her employability,” an inclusive company who values mature-age MatchWorks Employment Consultant, Leanne employees. McPherson said. “It’s the best job ever. These people [Simply “At first she resisted strongly… then Helping clients] are really doing it tough and homelessness loomed again and it was the I want to give back after all the support motivation Kerrie needed to finish her course.” I received,” Kerry said. “They make my day and Kerry said she got life-changing support from I know I am making their day too.” MatchWorks once she proved herself. Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 23
FIAP Action Area Three Understanding of Financial Vulnerability We will investigate, advocate and collaborate for improved responses to financial vulnerability. Understanding of Financial Vulnerability Stakeholder Committed Action Output Outcome Responsibility Timeframe Statement Community Undertake research on the s Research result, findings s Increased understanding Colac Otway June 2021 impact of gambling on and recommendations of barriers to Financial Shire overall wellbeing of Colac are released to relevant Inclusion, Financial Otway residents including stakeholders. Resilience and Financial financial wellbeing. s Analysis of research Wellbeing (including findings to inform the economic inequality) development of initiatives to address the risks and challenges of gambling. Employees Provide an employee s Training sessions and s Organisational culture MatchWorks December training program to better information sessions are enables staff to better 2020 assist MatchWorks clients delivered to employees on identify and support experiencing financial regular basis. financially vulnerable hardship in collaboration groups with a specialised local organisation. Employees Design and deliver s Training sessions are s Organisational culture Barwon Water December an employee training designed to include and capability enables 2020 program to better assist guidelines for referrals to staff to better identify customers in hardship external support services. and support financially s Training provides family vulnerable customers violence awareness. s Training is delivered on a regular basis. Customers Explore options to s Review data related to s Increased understanding Barwon Water December proactively identify customers behavior and of barriers to Financial 2022 vulnerable customers patterns to identify triggers Inclusion, Financial through predictive and indicators and predict Resilience and Financial analysis financial vulnerability for Wellbeing (including proactive provision of economic inequality) appropriate support. s Improved support for financially vulnerable customers, staff, suppliers and wider community Community Work with communities s Provide counselling support s Improved support for Bethany Ongoing to reduce the impact of and information sessions. financially vulnerable gambling harm through customers, staff, suppliers the Gambler’s Help and wider community Program. Community Support businesses in s Gambling harm workplace s Improved support for Bethany Ongoing implementation of the policy is communicated financially vulnerable gambling harm workplace across businesses through customers, staff, suppliers policy local channels. and wider community s Increased pathways & tools for ongoing support for vulnerable groups 24 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
Stakeholder Committed Action Output Outcome Responsibility Timeframe Statement Students Build an understanding s Inform a deeper s Increased understanding Deakin December of current student understanding of of barriers to Financial University 2020 experiences around circumstances, needs and Inclusion, Financial managing money, dealing wants of students studying Resilience and Financial with financial difficulty in Geelong Wellbeing (including and seeking support for s Development of potential economic inequality) financial matters. opportunities to support students studying in Geelong Community Review the existing s New endorsed and s More partnerships and Deakin December partnership with Smith executed Memorandum of collaboration to support University 2020 Family to better identify Understanding between vulnerable groups and The the impact of ‘Learning Deakin University and Smith Smith Family for Life’ scholarships on Family for 2020. Foundation alleviating entrenched s Collated data on ‘Learning disadvantage in Geelong. for Life’ scholarships informs longitudinal study on positive contribution of impact investment on education in Geelong. Employees Understand the extent s Research results, findings s Increased understanding WorkSafe February of financial challenges and recommendation are of barriers to Financial Victoria 2020 experienced by WorkSafe released to WorkSafe, ASIC Inclusion, Financial employees and gain and the victorian public Resilience and Financial insights on the reality of sector. Wellbeing (including financial preparedness for s Analysis of research economic inequality) the future in order to be findings to inform the prevention led. development of an employer based financial wellbeing program. Community Review and update the s A robust Council policy that s Increased pathways & City of Greater December current Electronic Gaming documents the relationship tools for ongoing support Geelong 2020 Policy to strengthen between the number of for vulnerable groups the Council's role in electronic gaming machines addressing the negative and the health and welfare impacts of problem of our community. gambling and promoting health and welfare of the community. Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 25
Enhancing Financial Wellbeing of employees Workplaces Have an Opportunity to Prevent Late Life Poverty Australia has an emerging pattern of Employers can provide the opportunity by homelessness in older age and this focusing on motivations for people to learn more and provide for their future, ultimately is particularly evident for women. A improving their financial wellbeing and sense key contributing factor is that savings of control over their lives. of older working women remain low, Removing stigma and encouraging open often due to a lifetime of lower incomes conversation about finances in places of employment could be coupled with financial and interrupted employment patterns literacy program to boost people’s confidence resulting in first time homelessness about money. later in life.14 Evidence suggest that At WorkSafe Victoria we explored whether employers have a role in reversing our people had similar financial wellbeing trends of financial vulnerability, needs to what global research suggests. The outcome is that they do have financial by enhancing employees’ financial wellbeing and literacy needs, despite being a capability throughout their employee skilled workforce. life cycle.15 The next steps will be important as we need to find a way to build financial capability into the employee life cycle at WorkSafe Victoria. 26 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 27
FIAP Action Area Four Economic Security We will remove barriers and provide opportunities for economic security, equality, and growth. Economic Security Stakeholder Committed Action Output Outcome Responsibility Timeframe Statement Community Development of self- s Pilot completed for s Increase in strategies Give Where You December assessment tool to test organisations to self-assess to address economic Live Foundation 2020 the capacity of businesses their capacity in inclusive inequality (e.g. equitable in enabling an inclusive employment practices. pay, mentoring, employment environment. s A list of resources are superannuation, education, Co-design a suite of tools/ trialed and developed to housing) resources accessible for support GROW compact s Policies, processes & business to increase their signatories. actions implemented inclusive employment to address economic practices(including inequality financial well-being). Customers Empower women s Local organisations s Increase in strategies First State Ongoing in the workplace by are supported through to address economic Super engaging with multiple materials including e-book, inequality (e.g. equitable organisations to address video series to initiate pay, mentoring, the issue of the gender conversations around superannuation, education, super gap. gender super gap. housing) s Deliver tailored sessions as per request. Employees Incorporate financial s Develop and implement s Increase in targeted and WorkSafe December wellbeing as one of an employee financial scalable resources to build Victoria 2020 the key components in wellbeing program financial capabilities the existing employee addressing many aspects s Improved support for wellbeing program of of the employee life cycle financially vulnerable WorkSafe. including at employee customers, staff, suppliers orientation and pre- and wider community retirement stages. s Increase in awareness and availability of appropriate financial services Employees Actively promote the s Financial wellbeing s Improved support for WorkSafe December Community results of WorkSafe’s component considered as financially vulnerable Victoria 2021 research on employees’ part of employee health customers, staff, suppliers experiences of financial and wellbeing programs and wider community wellbeing and encourage by employers across public s More partnerships and consideration of financial and private sectors in collaboration to support wellbeing by employers Victoria. vulnerable groups across public and private sectors. 28 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
Stakeholder Committed Action Output Outcome Responsibility Timeframe Statement Employees Develop a gender pay gap s Remuneration audit is s Increase in strategies City of Greater December strategy which includes conducted and gaps to address economic Geelong 2021 conducting a gender pay actioned by Executive inequality (e.g. equitable gap analysis of the City Leadership Team. pay, mentoring, of Greater Geelong as an superannuation, education, employer. housing) Community Develop an engagement s The new communication s Increased pathways & tools City of Greater December and communication kit will be developed and for ongoing support for Geelong 2021 kit which will provide published on different vulnerable groups external stakeholders with platforms (online pages, s Policies, processes & consistent information on newsletters, social media). actions implemented gender equity, equality, to address economic diversity and inclusion. inequality Employees Provide a suite of s Learning program suite is s Organisational culture City of Greater December learning programs (with designed and delivered in enables staff to better Geelong 2020 consistent information on relevant workshops and identify and support gender equity, equality, forums. financially vulnerable diversity and inclusion) to s Staff are aware of available groups build staff capacity and learning program and given s Increase in strategies awareness in inclusive opportunity to participate. to address economic practices. inequality (e.g. equitable pay, mentoring, superannuation, education, housing) Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 29
2020 and beyond Australia’s first place-based FIAP in Geelong is an important milestone to enhance financial inclusion, resilience and wellbeing of regional communities across Australia. This journey will continue with the efforts of Over the next 12 months, the Geelong FIAP the Pioneers to identify more opportunities for Pioneers will implement the committed taking practical actions. actions and share their experiences with local stakeholders. The successful implementation Addressing mental health issues and youth of the plan will be underpinned by Pioneers’ disadvantage emerged as the two major shared vision for Geelong to be the most areas of opportunities for future actions at inclusive and resilient city in Australia and their the recently held Geelong FIAP Community of commitment to promote financial wellbeing Practice in December 2019. outcomes for Geelong residents. Research shows that there is a strong Monitoring and evaluation will play an relationship between an individual’s mental important role in measuring the outcomes and health status and financial wellbeing impact of FIAP actions and allow organisations outcomes. Also evidence suggests that to demonstrate change or lack thereof, and improving financial literacy and capability of know where and for whom they are making a young adults are key to positive economic difference. outcomes throughout their lives.12, 13 30 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
References 1. Financial Security and the Influence of Economic 10. G21 Economy, Jobs and Business Insights, Recourses, Financial Resilience in Australia 2018, REMPLAN economy profile, https://app. Centre for Social Impact for NAB remplan.com.au/geelongregion/economy/ summary?state=EJO1Fv71fzgwmaS3837zNHEhZhxn8 2. Financial Wellness in the Australian Workplace accessed Dec 2019. 2018, AMP. 11. Taking Action To Make Financial Wellbeing Everyone’s 3. Census of Population and Housing 2016, Australian Business, Learning and Evidence from the Transition Bureau of Statistics. Phase of the Financial Inclusion Action Plan, Program 4. G20 Financial Inclusion Action Plan 2017 https://www. report July 2019. gpfi.org/publications/g20-financial-inclusionaction- 12. Breidbach, C, Culnane, C, Godwin, A, Murawski, C plan-fiap-2017 accessed Dec 2019. & Sear, C, How Australians feel about their finances 5. Collective Actions Leading Change, Financial and financial service providers 2019, the University Inclusion Action Plan, Launch Report November 2016, of Melbourne Good Shepherd Microfinance. 13. F inancial Education and Youth, https://www.oecd. 6. PHIDU Social Health Atlas of Australia: Population org/finance/financial-education-and-youth.htm Health Area online 2018 http://phidu.torrens. 14. Petersen, M. & Parsell, C. 2015, Homeless for the first edu.au/social-health-atlases/data#social- time in later life: An Australian study. Housing Studies. health-atlas-ofaustralia-population-health-areas 30(3) 68-391. University Queensland. Accessed Dec 2019 15. Black, C. 2008, Working for a healthier tomorrow. 7. Council to Homeless Person 2018, Geelong - State Crown Copyright. London TSO. Electorate Homelessness Profile 218 ,https://chp. https://www.rnib.org.uk/sites/default/files/Working_ org.au/wp-content/uploads/2018/09/Geelong- for_a_healthier_tomorrow.pdf Electorate-Profile.pdf, accessed 11 October 2019 16. Living on the Edge, Inquiry into Intergenerational 8. G21 Geelong Regional Alliance, Greater Geelong Welfare Dependence, 2019 House of Representative Region Profile, July 2019. Select Committee on Intergenerational Welfare 9. Department of Jobs and Small Business, ‘Small Area Dependence. labour Markets Australia’. https://www.employment.gov.au/small-area-labour- markets-publication-0 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City 31
For more information about the FIAP Program, Supported by please visit fiap.org.au For inquiries please contact: fiap@gsmicrofinance.org.au
You can also read