Australian Unity today shared its commitment to support those facing financial exclusion by announcing plans to develop a Financial Inclusion Action Plan (FIAP) by August 2017.
Australian Unity is amongst a group of socially conscientious organisations who have committed to take direct action towards improving the outcomes for the three million Australians who are financially excluded.
Group Managing Director, Rohan Mead said “Our diverse operations offer us valuable perspectives on the inter-connectedness of a person’s financial resilience and their overall wellbeing. Without support, the loss of a job or an adverse health event can quickly cascade into financial exclusion and lower quality of life. And for some, economic disadvantage is entrenched from the first breath,
“We are confident that formally developing a Financial Inclusion Action Plan will drive more resources to supporting those at risk of financial exclusion,” he said.
The plan has been developed in partnership with the Australian Government, Good Shepherd Microfinance, EY and the Centre of Social Impact and will outline the actions Australian Unity intends to take to support staff, members, customers and the broader community who may be at risk of financial exclusion.
Reducing inequality and increasing the financial capabilities of individuals leads to improved resilience and the ability to bounce back from financial hardship that may be triggered by unemployment, a change in life stage, a health or personal issue.
In a study this year on financial resilience, the Centre for Social Impact found that:
- 47 percent of adults have limited to no savings
- 48 percent of the population report only have a ‘basic understanding’ of financial products and services
- 20 percent have no access to credit
- 16 percent are under-insured
Read our Statement of Commitment here