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Financial Basics Foundation and QCoal Foundation

Financial Basics Foundation and the QCoal Foundation are pleased to announce a new partnership aimed at improving financial resilience for Queenslanders, with a particular focus on those living in rural and remote communities.

Research has identified that over 60% of Australian adults are facing some level of financial stress or vulnerability with over 2 million people experiencing high levels of financial stress. Younger people are typically more likely to experience severe financial stress than older people and financial stress is a key factor in many areas of mental health, family violence and poverty across Australia.

Research also supports the view that the Australian population is most vulnerable in the area of financial knowledge and behaviour, with almost half of the population identifying themselves as having low to very low financial knowledge. The deficit in financial literacy is widespread and is an issue in both metropolitan and regional communities, making building financially resilient communities a critical area of need.

Financial Basics Foundation provides free financial literacy resources to educators around Australia to achieve the vision of every young Australian having the knowledge and skills to enable them to make informed financial choices. This is a vision that the QCoal Foundation supports and wants to ensure will also be made possible in areas outside of metropolitan centres.

Through this new partnership, Financial Basics Foundation and the QCoal Foundation will work together to better understand the financial literacy deficit in rural and remote communities and investigate effective and innovative ways to address this need.

Financial Basics Foundation CEO Katrina Birch says, “We are very excited to partner with QCoal Foundation. Both our organisations have strong ties to Queensland and this partnership supports us to provide financial literacy to rural and remote communities that previously may have been out of reach.”

QCoal Foundation Director Christopher Wallin says, “Financial Basics Foundation has a strong reputation with educators, communities and governments and a proven history for delivering outcomes through their programs.”

“Our experience in rural and remote communities across Queensland has confirmed the need for a focus on financial resilience as a means to address a range of social and health issues. The QCoal Foundation is very proud to become a Major Partner of Financial Basics Foundation, with the aim of supporting the advancement of financial literacy in rural and regional areas and contributing to building resilience within these communities,” Mr Wallin said.

“For the QCoal Foundation, this new initiative provides a platform to apply our ‘social venture’ model of identifying need; implementing and trialing an innovative solution; and looking to ensure sustainability of the solution.”

“A program of this nature also allows us to explore the concept of community resilience and the enhancement of that resilience and support Financial Basics’ goal of expansion and improved penetration into rural and regional areas,” Mr Wallin said.