United effort in tackling financial hardship and wellbeing

At a time when cost of living pressures are hitting hard, an industry-leading collaborative network of not-for-profit organisations, government and corporates are working together to help build financial resilience and wellbeing in the Western Australian community.

The Financial Wellbeing Collective is powered by 12 partner organisations all united in its mission to reduce the drivers and impacts of financial hardship in the Western Australian community. Financial Wellbeing Collective partners include Anglicare WA and Uniting WA. 

It’s a unique and complex set-up but the mobilisation of collective resources has many benefits across the board.

Financial Wellbeing Collective General Manager Helena Jakupovic said that working with 12 community service and local government agencies provides collective power in service offering and delivery with a strong ability to adapt and respond to community need.

“Anyone struggling with money, debt or financial stress can access free and independent support via our central helpline which feeds into 26 service locations across the Perth metro area. With an extensive partner portfolio, we offer geographical coverage that in turn provides localised support options to the community,” Ms Jakupovic said.

To help facilitate the delivery of services across multiple locations and partner agencies, the Financial Wellbeing Collective has a central support team that guides service consistency, provides advocacy and support, and works on policy and data analysis.

The Collective also have an elected executive group with representatives from its partner agencies that meet monthly to drive strategy and address any rising issues.

As one of the largest group of financial counsellors in Western Australia, being a part of the Financial Wellbeing Collective also has benefits for those working within the Collective.

“Financial counsellors are not working in isolation as they have in the past under decentralised funding arrangements. Our Financial Counsellors benefit from a large peer-support network that fosters information sharing and professional development opportunities.”

But financial counselling is just one of many services that the Financial Wellbeing Collective offer in its goal of improving community financial resilience and wellbeing.

Transitional home loan lender Keystart has commissioned the Collective to deliver a co-designed Financial Coaching service to its customers since 2020.

With a customer net promoter score of 98, the Keystart Financial Coaching service addresses behavioural economics and decision-making, delivering real impacts for clients.

“Working with a forward-thinking organisation like Keystart who see the value in building financial resilience and literacy is a refreshing experience. Keystart customers who undertake our Financial Coaching program have told us we have helped them achieve goals they thought unimaginable,” said Ms Jakupovic.

In fact, Ms Jakupovic says there has been an emerging interest in the Financial Wellbeing Collective’s programs among the corporate sector.

“We are experiencing an increasing interest from organisations who recognise financial wellbeing is intrinsically linked to their employee’s overall wellbeing. Our financial coaching service and corporate workshops are beneficial tools that complement existing employee assistance programs,” said Ms Jakupovic.

The Financial Wellbeing Collective also serves the most financially vulnerable in the community through administration of the emergency relief and food access service and hardship utility grant service centre.

The Emergency Relief and Food Access Service provides a centralised point of call for the community to access a network of partner agencies across Western Australia who provide emergency relief resources, while the Hardship Utility Grant Scheme provides financial support with utility bills.

Another initiative that serves those experiencing financial hardship is the Energy Ahead program.

Announced in December 2020 as part of the Western Australian climate policy, it is a partnership between Energy Policy WA, Synergy and the Financial Wellbeing Collective.

Energy Ahead assists eligible households to better understand their energy use and reduce costs through free energy audits, coaching and workshops.

Ms Jakupovic said the Financial Wellbeing Collective’s array of services are about addressing unmet need in the community.

“No matter where someone is at in their money story, the Financial Wellbeing Collective have a service to meet them. And at the risk of sounding cliche, it takes a village to achieve this, and we simply couldn’t do that without our partnerships with community service organisations, state and local government and the corporate sector,” said Ms Jakupovic.

Operating as a collective of services has benefits for state government, particularly Department of Communities who is a key funder of many of the Financial Wellbeing Collective’s services.

“We work closely and collaboratively with Department of Communities who benefit from a centralised service stream in terms of reduced contract administration and a unified source of data and insights,” says Ms Jakupovic.

How does one access any of these financial wellbeing services? The Financial Wellbeing Collective has a centralised hub for all enquiries that can determine how best to support someone based on their own personal circumstances. This is accessible via 1800 932 050 or by making an online enquiry at thefwc.org.au