The Financial Counselling Foundation is a charitable trust, set up to accept donations from industry and the public to advance financial counselling services. The Foundation will provide funding for direct financial counselling casework or to build the capacity of the sector.
Why is the foundation needed?
Financial counsellors work in not for profit community organisations.
They provide free and independent advice and support to people with money and debt problems.
The demand for financial counsellors outstrips supply. Face to face financial counselling agencies often have long waiting lists and calls to the National Debt Helpline, the phone financial counselling service are increasing year on year.
The purpose of the Foundation is to increase access to financial counselling by providing much needed additional funding for the sector.
If you’ve got someone who’s in crisis , having to wait even a few weeks make an enormous difference.”
“I am already overbooked – I just can’t get to everybody. We need more financial counsellors!
In 2018, it is estimated that financial counsellors provided face-to-face support to approximately 125,000 people around Australia.
The National Debt Helpline received nearly 180,000 calls in 2018, an increase of 4% on the previous year.
Financial counsellors receive referrals from banks, superannuation companies, telcos, energy companies, Centrelink, Child Support and a variety of community sector organisations.
Did you know? …
After taking account of housing costs, 13.3% of Australians are living below the poverty line.
Australia has one of the highest levels of household debt in the world.
15% of Australian households are experiencing financial stress.
Many people are living precariously close to financial hardship. The loss of a job, a relationship breakdown, a habit that becomes an addiction, a problem with mental health—these things can tip people into financial crisis.