Financial Basics Foundation Partnership
Our partnership with the Financial Basics Foundation is aimed at improving financial resilience for Queenslanders, with a particular focus on those living in regional 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 teachers and schools 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 regional and remote communities and investigate effective and innovative ways to address this need.