Posted on the 8th May 2019
Today, we are delighted to launch the first Financial Inclusion outcome value to be added to the Australian Social Value Bank – Financial Resilience.
We would like to thank Credit Union Australia for their collaboration and sponsorship of the development of this ASVB outcome value.
Three million people in Australia are severely or fully excluded from financial institutions and their banking and insurance products. Financial exclusion places people and their families at risk of financial hardships. This can lead to poverty, vulnerability to predatory lending practices and poor social, emotional and health outcomes.
We believe there are many organisations working to improve people’s financial resilience, who will benefit from being able to understand and measure the social value connected to improving this issue.
"Financial inclusion is a key enabler to reducing poverty and boosting prosperity."
The World Bank
Our goal with this first Financial Inclusion outcome was to place a monetary value on the wellbeing benefits of an individual achieving greater financial resilience. That is, moving from an adverse financial situation to a more positive one, through the help they receive from these initiatives.
We measure financial resilience using a question which asks respondents how difficult it would be for them to raise $3,000 for an emergency. The analysis has revealed, as we expected, a positive and relatively substantial increase in wellbeing related to an individual achieving greater financial resilience.
We will be running a webinar focusing on this new financial resilience value and its application on the 22nd of May 12 pm (AEST).
You can register for the webinar here.
Our subscribers can expect the value to be added to the online Value Calculator and be ready to use immediately post the webinar on the 22nd May 2019.
We believe this is an important area of work that is needed to reduce inequality in Australia, and we wish to continue the development of further Financial Inclusion outcome values. Get in touch if you would like to collaborate on this exciting development opportunity.
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