Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Non-major sponsors financial wellness research

recovery growth recovery growth
Malavika Santhebennur 5 minute read

Teachers Mutual Bank Ltd has partnered with a financial wellness platform to deliver insights into financial wellbeing.

A new study has found that almost half (47 per cent) of respondents reported some level of financial worry, while 44 per cent were not confident with managing day-to-day expenses.

The findings have come after Teachers Mutual Bank Ltd partnered with Your Financial Wellness (YFW) to deliver the research project led by the University of New South Wales Sydney, which will validate the YFW Index.

The index gathers attitudinal and psychographic data to provide a view of individual financial wellness in Australia, and has been developed by YFW with input from the Centre for Social Impact at UNSW Sydney. It runs from a scale of zero to 10, where higher scores represent greater financial wellbeing.

Advertisement
Advertisement

Preliminary findings from 1,000 respondents surveyed revealed that more than a quarter (26 per cent) reported high or overwhelming financial stress, while a fifth of all respondents said they cannot afford to eat or go to the movies.

Commenting on what the research has uncovered so far, Teachers Mutual Bank Ltd (TMBL) CEO Steve James said: “The preliminary research findings confirm that this is a particularly challenging time for many Australians and that there is a real need for further support when it comes to financial wellness.

“The validation of the index in 2021 will also provide insights into how our members feel about their financial situation and help us continue providing them with the right levels of support and a strong value proposition.”

Speaking about the partnership with FFR Mr James said it has come at a critical time when Australians are tackling the financial challenges presented by the COVID-19 crisis.

“We are thrilled to be part of a pioneering research project aimed at strengthening financial wellbeing within the community,” Mr James said.

PROMOTED CONTENT


YFW CEO Alexander Hassall also commented on the partnership with TMBL, and noted that financial institutions had been looking for ways to tackle the dual challenges of financial wellbeing and customer engagement even before the coronavirus pandemic.

“Helping to build people’s confidence and alleviate concerns about their financial security amid uncertainty should be the focus for financial institutions right now,” Mr Hassall said.

“It is clear that consumers are increasingly looking for trusted sources of content and want their financial institutions to reach out and to provide direction and support.

“As a forward-thinking organisation, Teachers Mutual Bank Limited is ideally positioned to provide this guidance and will understandably be seen as a genuine partner in a customer’s financial and lifestyle journey,” he said.

The research by UNSW Sydney will be released in early 2021, and the validated YFW Index will then be rolled out as a benchmark for financial wellness in Australia.

[Related: Suncorp launches FBAA broker wellbeing program]

Non-major sponsors financial wellness research
recovery growth
TheAdviser logo

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

recovery growth
Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

 

more from the adviser
Shayne Elliott 2

Breaking News

Prioritise lending standards over turnarounds: ANZ CEO

The big four boss has declared that banks should now be conductin...

YBR home loans

Breaking News

Yellow Brick Road announces rebrand

The major brokerage has rebranded to Yellow Brick Road Home Loans...

techlend 850 ta

Breaking News

Bridging loan demand booms as house prices skyrocket

Broker-founded lender TechLend has received $100 million in bri...