Taking Action to Make Geelong the Most Financially Inclusive and Resilient City - Australia's First Place-Based Financial Inclusion Action Plan ...
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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
8 Taking Action to Make Geelong the Most Financially Inclusive and Resilient City
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 City20 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 11Collective
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 13Turning 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 CitySupporting
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 15FIAP 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 CityStakeholder 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 17Community
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 CityTaking 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 CityStakeholder 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 2122 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 23FIAP 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 CityStakeholder 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 25Enhancing
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 CityTaking 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 CityStakeholder 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 292020
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 CityReferences
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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.
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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 31For more information about the FIAP Program, Supported by please visit fiap.org.au For inquiries please contact: fiap@gsmicrofinance.org.au
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