Amplify Insights: Financial Wellbeing is a call for coordinated action to address the individual (micro), organisational (meso), and societal (macro)-level factors in Australia that have created and continue to create financial hardship and vulnerability, or poor financial wellbeing.
This report shows that there are many factors that can influence an individual’s financial wellbeing which are outside of an individual’s control and as part of our research we present the example of 36-year-old Lin to illustrate the complexity of micro-, meso- and macro-level relationships.
We show how no single organisation or entity can effectively address financial wellbeing on its own. But, by genuinely understanding the systems that create financial hardship, we can identify where there are gaps in our responses and work together to develop levers of change, some big and some small, that different organisations and entities can action in a coordinated way.
In this sense, this report also seeks to catalyse the social purpose sector towards a systems-approach to improving financial wellbeing that embraces complexity rather than trying to simplify it. There are some organisations that are already doing system change work and we will need to look to them for leadership and advice.
> We are asking everyone with an interest in financial wellbeing to be part of a collective action. If you’re interested in being part of the conversation please get in touch with the research authors, Dr Jack Noone and Dr Jeremiah Brown. In particular, they would love to hear your answers to the following questions:
1. What are the micro, meso and/or macro level drivers of financial wellbeing that your organisation is trying to affect? Tell us what your organisation does.
2. If the social purpose ecosystem was to develop a coordinated response to improve financial wellbeing across Australia, what kind of role would you like to play?