Wednesday, 21 April 2021: MOVE Bank has partnered with Your Financial Wellness (YFW) to sponsor pioneering research led by the University of New South Wales, Sydney. The research project comes at a crucial time as many Australians feel the ongoing financial impacts of the COVID-19 pandemic.
This key research validates the YFW Index, combining both unique attitudinal and psychographic data to paint a picture of individual financial wellness in Australia. The Index, developed by YFW with input from the Centre for Social Impact at UNSW Sydney, runs on a scale of 0 to 10 where higher scores represent greater financial wellness.
Preliminary findings from 1,000 Australians surveyed show that financial stress is widespread:
· 47% reported some level of financial worry
· 44% were not confident managing day-to-day expenses
· 26% reported high or overwhelming financial stress
· 20% cannot afford to eat out or go to the movies
“We are honoured to be part of such an important research project. As a mutual bank, we have always believed that financial education is the key to helping our members and the wider community improve their financial wellbeing” said MOVE Bank CEO, Therese Turner.
“Our partnership with YFW reaffirms our mutuality and underpins our commitment to putting the financial wellbeing of members first in everything we do.”
Even before the pandemic, financial institutions have been looking for ways to tackle the challenges of financial wellbeing and customer engagement. According to YFW CEO Alexander Hassall, “Helping to build people’s confidence and alleviate concerns about their financial security amid uncertainty should be the focus for financial institutions right now.”
“It is clear that consumers are increasingly looking for trusted sources of content and want their financial institutions to provide direction and support. As a forward-thinking organisation, MOVE Bank is strongly positioned to provide this guidance and will understandably be seen as a genuine partner in a customer’s financial and lifestyle journey,” Hassall said.
The research by UNSW Sydney will be released in the first half of 2021 and the validated YFW Index will then be rolled out as a benchmark for financial wellness in Australia.