FLA has commissioned University of NSW to conduct this important research on how financial literacy contributes to financial wellbeing.
The objectives of the project are to:
- develop a definition and conceptual framework for financial wellbeing in the Australian context
- understand how financial literacy contributes to financial wellbeing, including desired outcomes; enablers and barriers to change; and inter-linkages with other components of financial well-being
- develop an approach for measuring changes in financial wellbeing and its key components.
We want an evidence-based framework that will enable policy makers, practitioners and others working in financial literacy to see how their work contributes to the collective impact. It would also allow them to contribute to, and draw from, an evidence base about the extent to which different interventions work, for who, and in what contexts.
The research team is a collaboration between the Centre for Social Impact and the Social Policy Research Centre at UNSW. The final report is due in April 2017.
We anticipate the framework will be useful in consultation on the next National Financial Literacy Strategy for 2018 and beyond.