A one-of-its-kind program that improves the financial outlook and wellbeing of its Western Australian participants has been recognised nationally when it took out the 2024 Advancing Equity Shared Value Award in May.
Delivered by the Financial Wellbeing Collective, in partnership with Keystart, the financial coaching program demonstrated it achieves equitable outcomes and meaningful social impact that outshone tough nominations from organisations including Optus and AIA Australia.
The Financial Wellbeing Collective, charged with addressing the drivers and impacts of financial hardship, and Keystart, passionate about making home ownership a reality, have partnered since 2019 to deliver the innovative financial coaching program that helps to break down barriers to financial stability and resilience.
Through the co-designed program, Keystart customers are offered one-on-one financial coaching sessions that address behavioural economics and decision making while providing tools and strategies to help the transitional home loan lender’s customers achieve their financial goals.
The early intervention program aims to build financial resilience by giving Keystart customers a safe space to explore their relationship with money, recognise risks, identify goals and work towards securing their financial future.
Financial Wellbeing Collective General Manager Helena Jakupovic said the essence of its financial coaching lies in the transformation of a participant's perspective on money, achieved through active behavioural change.
“Behind everyone’s money mindset are attitudes and a core belief system that underpins our relationship with money. It influences the way we spend and save money, and the way we manage our debt," she said.
“Our financial coaches help individuals unlock their money mindset empowering them with awareness and tools to change their money behaviours. It’s a truly transformational process."
Keystart Chief Operating Officer Lindsay O’Sullivan (left) with Keystart and Financial Wellbeing Collective team members.
With a customer net promoter score of 98, Keystart Chief Operating Officer Lindsay O’Sullivan said the program is delivering real impacts in strengthening financial resilience and wellbeing and helping clients achieve goals.
“Keystart is extremely proud of this recognition and of our partnership with the Financial Wellbeing Collective.
“While we help lower the barriers into home ownership, we are just as interested in making sure our customers are set up for success. The financial coaching service is a big investment for us, but the positive impact it has on sustainable home ownership, and the feedback we get from our customers on the service make it worth the investment.
“To give some sense of the impacts, our customers more often than not describe it as lifechanging," Mr O’Sullivan said.
The Financial Wellbeing Collective’s financial coaching team.
Financial Coach Dee O’Callaghan said when starting the program many clients don’t realise their relationship with money can be intrinsically linked to their self worth, upbringing and relationships with others.
“Through the coaching process, a client I recently assisted was able to improve her confidence and self-perception enough to implement boundaries in close relationships which directly resulted in her clearing $6,000 of buy now pay later debts.
“By her sixth coaching session she had transitioned her home loan from Keystart, got a pay rise and was seeking a new job. She had also started a side hustle and was no longer using buy now pay later schemes.
“The benefits of financial coaching transcend beyond finances and into all areas of one’s life,” Ms O’Callaghan said.
The Financial Wellbeing Collective is powered by 12 partner organisations, including Anglicare WA and Uniting WA, who are united to reduce the drivers and impacts of financial hardship in the Western Australian community.
Anglicare WA was involved in the establishment of the Financial Wellbeing Collective’s financial coaching program. Anglicare WA's chief execitve officer Mark Glasson shared how Anglicare WA’s Innovation and Strategy team were a part of the original program design and testing.
“Anglicare WA are proud to be involved with an innovative program that is driving financial behaviour change. At Anglicare WA we pride ourselves on being curious and creative and the financial coaching program is a great example of how we work alongside partners, seeking new ways to drive positive outcomes for the community,” said Mr Glasson.
As a partner in the Financial Wellbeing Collective, Uniting WA is committed to numerous measures that address the current financial hardships impacting so many Western Australians.
Michael Chester, co-CEO of Uniting WA, said: "Our financial counsellors and financial coaches are recognising the clear need for financial literacy programs as an adjunct to supporting clients with advice and advocacy, such as this award-winning program from the FWC and Keystart."
Ms Jakupovic said working with a forward-thinking organisation like Keystart, who see the value in building financial resilience and literacy, is a refreshing experience.
“Together with Keystart, we are working to break down the barriers to financial stability in Western Australia and it is wonderful this important work is being recognised nationally,” she said.
