Focus session 3

Topic: Beyond information - targeted guidance and support

Moderator: Michelle Crawford, Deputy CEO - Development and Innovation, Good Shepherd Microfinance

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Illustration of focus session 3

Focus session 3

 Illustration by Gavin Blake of Fever Picture

Accessible text version

Focus session 3: Beyond information - targeted guidance and support

Moderator: Michelle Crawford

Question 1: What are the changes in behaviour we want to achieve?

  • Making people understand that it's worthwhile engaging
  • Systematic approach to dealing with financial issues
  • Proactively seeking and using existing resources
  • Encourage collaboration
  • Changing our attitudes to credit and debt - avoiding bad credit behaviour
  • Everyone needs to take responsibility (corporates, government and community)
  • Culture of change achievement encouraged
  • Encouraging "help seeking" behaviour

Question 2: Given the opportunities and resources that are likely to be available, what are the key actions that we can take in 2014-16 that will make the most difference?

  • More information exchange between stakeholders - needs to be simple
  • Financial literacy statistics and data-sharing, robust evaluation (standardising evaluation, eg same three questions)
  • Just in time - financial literacy at point of purchase (eg in USA, the use of behavioural economics)
  • Increased workplace based financial literacy education (eg at redundancy, promotion - essential training mandated)
  • Enabling financial counselling organisations to collaborate and refer (eg gambling, relationships, etc)
  • Earlier intervention and action is important
  • More comprehensive frontline services made available
  • Seniors financial literacy programs, so broader funding, central matched funding of education for retirees, national services and programs
  • Community organisations capacity building to deliver financial literacy education (eg youth workers)

Question 3: What are some current activities where there are successful partnerships within or across sectors? Given these, what are some ways to improve how we work together?

  • Triage services training (eg youth workers) - needs to be strategic and evaluated
  • NILS and LILS - increase awareness, expand
  • Industry bodies and government dollars to create community groups (eg Know Risk, MoneyMinded)
  • Neutral groups - sharing common work and tools, independent information and tools
  • Partner matching service (eg One For One movement)
  • Awards - endorsements and recognition, neutral endorsement is able to overcome barriers
  • Build program sustainability beyond government funding
  • FaHCSIA energy programs
  • Partnerships promotion
  • MySuper opportunities (eg schools, trades, sub-contractors) - need for education
  • Indigenous financial literacy services and programs need to include super and insurance
  • Behavioural campaigns (eg like "Life. Be in it" and "Slip-Slop-Slap") - accountability outcomes
  • Clearing house - best practice, internships, funding, university financial management programs

Last updated: 17 Dec 2015