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Millions of Australians struggle financially

 

Australia may be one of the wealthiest countries in the world, but lots of us still struggle with our finances. And unfortunately, it’s often the most vulnerable in our society who are worst off.

Recent studies* show that:

  • 22% of Australians don’t have any savings.
  • 25% of us are sometimes, often or always unable to pay bills or loans at final reminder.
  • Almost 45% of Australians have low levels of financial knowledge and behaviour.
  • People with a probable mental illness are a lot more likely to go through financial stress.
  • Around 43% of Indigenous Australians are ‘financially excluded’, with limited access to financial products and services like transaction accounts and insurance.

Our members' financial wellbeing is something we care deeply about. So over the next 12 months we'll bring you updates on the new initiatives we have planned to help our members grow and maintain their financial wellbeing. For example, by helping those looking to gain financial independence.

Support for Indigenous Australians’ financial literacy

One of these initiatives is our ongoing partnership with First Nations Foundation (FNF), a charity seeking economic freedom for First Australians. FNF delivers financial literacy training programs and events, and aims to provide a link between Indigenous communities and financial services.

With CUA's support, so far FNF has made progress by:

  • Training over 1,000 Indigenous people in financial literacy with 100% of attendees reporting a change in the way they manage their finances and grow their savings.
  • Running an award-winning Indigenous superannuation event across Australia called ‘the Big Super Day Out’. This event helped over 750 Indigenous people, and $4.7M in lost superannuation has been located as a result. In 2019 FNF plans to roll out this project to even more locations.

CUA’s continued support will also help to transition financial education programs to digital platforms, to ensure even more people can access them.  To find out more, visit www.fnf.org.au.

And don’t forget, as part of our commitment to growing our members’ financial wellbeing we offer support if you are experiencing financial hardship.

* Sources:

- http://www.financialliteracy.gov.au/media/561031/anz-financial-wellbeing-summary-report-australia.pdf
- http://www.financialliteracy.gov.au/media/560900/part-3-financial-resilience-and-employment.pdf
- First Nations Foundation http://www.fnf.org.au/solutions.html

Feb 26, 2019 | Found in: news, savings,
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