The Financial Inclusion Action Plan (FIAP) program is an innovative, cross-sectoral program offering opportunities to ‘shift the dial’ on achieving greater financial inclusion and resilience in Australia, by harnessing the power of organisations.
Project implemented: November 2016
To realise inclusive growth for individuals, families and communities in Australia.
Economic modelling has shown that FIAP actions could lead to an increase in nominal GDP of $2.9b p.a., an increase in Household Wealth of $11.8b p.a. and a reduction in Government spending of $583m p.a
580 actions via Foundation FIAPs
FIAP Toolkit tested & refined
Robust evidence base
Online FIAP Toolkit & Collaboration Portal
Sustainable FIAP funding & business models
Launch first Place-based FIAP
4000 actions via Foundation & Build FIAPs
Expand footprint to new sectors
Foundation, Build & Embed FIAPs
Collective actions become industry norms
& influence structural change
FIAP program enables people to move away from financial
hardship towards stability & income generation
Financial services are the lifeblood of any economy, and the ability to use financial resources effectively enables people to seize economic opportunities and reduce vulnerabilities. Households and businesses have a chance to save, invest and protect themselves against risks. Yet more than 3.3 million people in Australia are financially excluded, unable to access safe, affordable and appropriate financial services when they need them; and more than 2.4 million people are financially vulnerable. Financial stress can impact anyone – one in four employees report that financial stress affects their wellbeing and workplace productivity.
The Financial Inclusion Action Plan (FIAP) Program provides a platform for organisations from diverse sectors to combine forces to collectively improve the lives of millions of people in Australia. Thirty organisations joined Phase One of this program. Demonstrating that realising greater financial inclusion and resilience is not the responsibility of any one sector, Trailblazers represent financial services, utilities, social services, government, education and legal services amongst other sectors.
Current FIAP Participants
10Thousand Girl, AGL, AnglicareSA, ANZ, Ashurst, Australian Ethical Investment, Australian Unity, Bank Australia, BaptistCare, City West Water, Commonwealth Bank, Corrs Chambers, Westgarth, Energy Australia, Flight Centre Travel Group, Good Shepherd Microfinance, HESTA, Indigenous Consumer Assistance Network Ltd (ICAN), MoneyBrilliant, NAB, Origin Energy, Queensland Government, Suncorp, Swinburne University, The Salvation Army, University of New South Wales, VicSuper, Wannon Water, Westpac, WIRE, Yarra Valley Water