Better Place Australia submission to the Department of Social Services Review of Financial Wellbeing

The Department of Social Services (DSS) is conducting a review of Commonwealth-funded Financial Wellbeing and Capability (FWC) programs to improve support for the financial and overall wellbeing of individuals and families in Australian communities. The Consultation Paper seeks feedback on the effectiveness of current programs, challenges faced, and opportunities for enhancements.

Key areas of focus include adapting to changing client needs, best practices in service delivery, and improving workforce capacity. The input from service users, providers, and stakeholders will shape the future design of FWC services, aligning with DSS’s goals of strengthening the community sector and enhancing grant administration.

Better Place Australia’s Submission to the Department of Social Services Review of Financial Wellbeing

Overview
Better Place Australia operates two DSS-funded services: Financial Counselling and Capability (FCC) and the Victorian National Debt Helpline (NDH), employing thirteen qualified financial counsellors.

User Demographics:
– More females use the face-to-face service compared to the NDH telephone service.
– The NDH primarily serves an older demographic.
– Clients from both services typically have household incomes under $50K.
– A significantly higher proportion of FCC clients report family violence.
– Single-person and single-parent households are more likely to use the FCC service.

Key Insights
FCC clients exhibit more complex needs and vulnerabilities, valuing the trust developed through face-to-face interactions, longer session times, and greater information disclosure.

Recommendations to Address Unmet Needs
1. Enhanced Education and Access: Develop targeted education programs to inform older individuals about aged care financial options.
2. Diversify Support Channels: Expand services to include in-person options, catering to diverse client needs.
3. Tailored Financial Counselling: Provide individualised financial counselling aligned with specific circumstances.
4. Community-Based Advocacy: Establish advocacy services to assist with aged care financial complexities.
5. Address Affordability Issues: Regularly review income and asset thresholds for aged care service access.
6. Collaboration with Financial Institutions: Partner with financial institutions for affordable, tailored financial advice.

Conclusions
BPA advocates for a proactive approach to meet evolving client needs, emphasising:
– The importance of leveraging digital advancements and addressing ageism.
– Implementing a Financial Action Plan to enhance service delivery and client outcomes.
– Incorporating local service systems knowledge and ensuring contextually informed support.
– Addressing gaps in Financial Wellbeing and Capability (FWC) services, particularly in remote areas.
– Recognising workforce capacity needs and supporting diverse client groups.
– Promoting a place-based approach with caution to avoid service fragmentation.
– The need for flexible funding arrangements and innovative service delivery models, especially during crisis events.
– The importance of proactive planning for future funding arrangements, including collaboration with local community leaders.

Better Place Australia remains committed to capturing and reporting unmet demand data to improve service delivery and responsiveness to client needs, welcoming engagement with the Department to enhance the impact of financial counselling services.

Download and read the full Submission from Better Place Australia, including detailed responses to all focus areas.