August 31, 2012
Supporting Money Smart Week: 2 – 8 September 2012
August 2012
The first week of September is Money Smart Week, a national initiative co-ordinated by the Australian Government Financial Literacy Board to encourage Australians to take action to improve their financial wellbeing.
In the last financial year, Wyatt received applications from referring organisations for 1,469 South Australian households seeking financial assistance through our Small Grants Program. In addition, over 2,000 South Australians in financial difficulty sought help from Wyatt-funded financial counsellors working in local community organisations. Wyatt’s funding contribution is just a small piece in the jigsaw of poverty alleviation and relief services provided throughout South Australia, with our funding limited to individuals and families who meet the eligibility requirements of our Trust Deed.
As a key indicator of financial stress, seeking financial assistance from a welfare or community organisation is often an option of last resort, when hardship plans have failed and when family and social networks have been exhausted. The prevalence of financial stress in low income South Australian households cannot be overstated. There is relentless demand for emergency relief and homelessness services, growing waiting lists for financial counselling services, and significant concern within the sector over client reliance on payday borrowing to meet basic financial commitments.
Along with education retention and re-engagement, employment opportunities and housing options, financial wellbeing is one of Wyatt’s four priority areas. Wyatt defines the state of financial wellbeing as comprising four aspects: having the necessary income to meet basic needs and financial obligations; the ability to make effective decisions regarding the use and management of money; access to affordable and appropriate financial products and services; and the absence of financial stress. The second aspect – the ability to make effective decisions regarding the use and management of money – is the focus of Money Smart Week.
As a partnership between industry, government and the community sector to promote the importance of financial literacy, Money Smart Week includes: a call to action for all Australians to undertake a ‘Money Health Check’; an awards program to recognise achievements in financial literacy; the promotion of existing money management programs, tools and resources; and a range of community events.
As part of Wyatt’s commitment to the financial wellbeing of the most financially vulnerable individuals and families in our state, we are pleased to be able to promote this national initiative. As Robin Donaldson, Grants Portfolio Manager of Wyatt’s Financial Wellbeing Portfolio, comments: “At the core of Wyatt’s grant-making is a commitment to assist South Australians in financial hardship to lead satisfying, productive lives. The incapacitating effects of financial stress are well documented, and Wyatt’s work through the Financial Wellbeing Portfolio aims to assist households experiencing financial difficulty to stabilise their situation and to manage their financial obligations”.
Visit the Money Smart Week website for more information.
