Team effort to address city’s financial vulnerability

LEADING Geelong organisations have signed up to an innovative program that aims to improve and awareness and outcomes of financial wellbeing across the region.

Local businesses, non-profits, local government and government agencies will drive development and implementation of a Financial Inclusion Action Plan (FIAP).

The second phase of FIAP launched yesterday (Thursday, March 30), aims to ensure individuals and families in their networks are financially safe, well, strong and connected.

FIAP is an initiative from Australia and New Zealand-based charity Good Shepherd, who support member organisations to develop plans focused on strategic and practical actions that improve financial wellbeing of their customers, employees, business and community partners.

The Geelong region strategy will include collaborative approaches from members, including quarterly meetings during the next year to share lessons and experiences with other program patricipants.

Good Shepherd chief executive officer Stella Avramopoulos said the program was especially important with increasing pressure on Geelong residents from rising cost of living expenses.

“These community organisations have the power to set the tone for the community when it comes to the importance of financial wellbeing.

“That is why it is so important they help create supports and services for people at risk of financial hardship.

“We are committed to building great relationships with our partners to achieve safe, empowered and connected communities.

The launch of FIAP in Geelong with 18 leading organisations is a great example of what can be achieved when we work together to enhance financial wellbeing in Australia.”

Deakin University was among the pioneering organisations part of the FIAP’s first rollout from February 2020, with its actions including $6.7 million in financial assistance during COVID-19.

“Deakin is committed to continue to build the financial resilience and capacity of our students and use our position of leadership in the Geelong community to promote financial inclusion through our membership of FIAP – helping to build more prosperous and equitable community,” Deakin executive director of diversity, equity and inclusion Mel Martinelli said.