23 Feb 2017
That’s nearly 17 per cent of the adult population, at risk of financial hardship, vulnerable to poverty and predatory lending. Women are particularly vulnerable to financial exclusion.
"Nearly three million people across Australia face exclusion from mainstream banking and financial products."
Fred Ohlsson, Group Executive, Australia, ANZ
There is also a real cost to society as these people increasingly turn to welfare services for support to make ends meet.
Now, businesses around Australia are stepping up to address the problem. ANZ is one of 16 organisations which make up Good Shepherd Microfinance’s national network of cross-sector and cross-industry organisations committed to financial inclusion.
Building financial wellbeing is very important for all financial services groups. Banks have a responsibility to do what they can to make all Australians financially resilient and increase their opportunities to participate fully in social and economic life.
From our perspective, ANZ’s ongoing commitment to improving financial inclusion and resilience is a core value. It is outlined in our new ANZ Financial Inclusion Action Plan (FIAP). This includes flagship community programs MoneyMinded and Saver Plus, as well as a range of other commitments across our business.
You can hear how we and other organisations are working together to lower barriers for inclusion and promote economic empowerment for Australians in the video above.
Fred Ohlsson is Group Executive, Australia at ANZ
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
23 Feb 2017
22 Nov 2016