Program to promote better financial inclusion across Geelong

IN AN AUSTRALIAN first, 10 Geelong businesses and organisations have banded together to launch a city-wide plan to combat growing financial hardship.

With about 40,000 thousand Geelong residents living on low incomes and many unable to access regular banking or financial services, the group of businesses, government, academia and community organisations has committed to the first “city-specific” plan to tackle the issue.

Geelong’s Financial Inclusion Action Plan (FIAP) program, led by the charity Good Shepherd, provides a platform for cross-sector action to promote financial inclusion and resilience.

The Geelong group has so far committed to 40 practical actions, including workshops to enhance financial capability and a referral program for customers experiencing financial hardship.

Good Shepherd chief executive officer Stella Avramopoulos said financial exclusion was a growing problem in many regional communities.

“One in four Geelong households lives on low incomes, 10 per cent find it hard to pay the rent and nearly seven per cent of residents are unemployed.

“Most people on low incomes can’t access normal banking and financial services, which can have a terrible effect on your health and future prospects.

“It is fantastic that these Geelong organisations are keen to work together to reduce financial stress at work and at home.”

The 10 participants in the Geelong FIAP are Barwon Water, Bethany, City of Greater Geelong council, Colac Otway Shire council, Deakin University, First State Super, Give Where You Live Foundation, MatchWorks, WorkSafe Victoria and the Good Money Store.

WorkSafe Victoria director of health, safety and wellbeing Kristine Gatt said many people, particularly women, found it hard to talk about their financial situation, let alone ask for help.

“WorkSafe Victoria has joined the FIAP program because we want our employees to have the skills and confidence to create a stable future for themselves and their families.”