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March 21, 2014

$5 Benefit for Every Dollar Spent: Wyatt Research Affirms Financial Counselling Benefits

Over sixty representatives from the community services sector, government and academia gathered at The University of Adelaide on 19 March to see Paul Clitheroe AM, Chairman of the Australian Government Financial Literacy Board and prominent financial commentator, release a cost benefit analysis of financial counselling services.

Produced by Professor John Spoehr and his team at The University of Adelaide’s Australian Workplace Innovation and Social Research Centre (WISeR), the research was commissioned by The Wyatt Trust, one of Australia’s leading philanthropic trusts and a key funder of financial counselling services for people on low incomes in South Australia.

Using data from a sample of 139 clients, the research demonstrates a $5 benefit for every dollar spent on financial counselling for people on low incomes and in financial crisis. Commenting on the outcomes of the research Paul Madden, CEO of The Wyatt Trust, said:

For us this research comes as a strong affirmation of the economic benefit of financial counselling to the people we are here to help. Beyond the financial benefits, there is a raft of personal and social benefits that come when people in financial stress gain better control of their finances and their lives.

“While this research did not set out to quantify these benefits, we know that reducing stress beneficially impacts health and helps individuals and families cope much better. When people can pay their bills everyone benefits.

Visit the publications section of the Wyatt website to download the PDF version of the report.