How ADIs can contribute to reducing financial exclusion in Australia
Contrary to popular perception, Australia despite being an advanced nation does have pockets of financial exclusion.
According to statistics published by Australia's Centre for Social Impact (CSI):
Approximately one in 5 Australian adults - i.e. over 3.3 million Australians - is considered "financially excluded", i.e. "unable to access to access safe, affordable, and appropriate financial products/services when they need them”
24% of Australian women and 14% of Australian men are in financial stress.
Only 36% of the Australian population consider themselves "financially secure".
2.4 million Australian adults are considered "financially vulnerable".
There are many concrete actions that ADIs can take to reduce financial exclusion in Australia. Below are some examples:
Joining the Good Shepherd Microfinance's "Financial Inclusion Action Plan" program.
Learning from the strategies as well as experiences of existing FIAP members.
Providing access to fair and affordable products and services (such as microfinance) to financially excluded Australians, which predominantly comprise: (a) indigenous Australians; (b) the unemployed and underemployed; (c) those with limited education; (d) pensioners; and (e) people with disabilities,
Invest in financial literacy programs which address educational disadvantage;
Providing a hardship assistance program.
Download our report for further strategies,