FLA commissioned University of NSW to research on how to conceptualise financial wellbeing, and how financial capability contributes to it.
The objectives of the project were:
- to explore a definition and conceptual framework for financial wellbeing in the Australian context
- to understand how financial capability contributes to financial wellbeing, including desired outcomes; enablers and barriers to change; and inter-linkages with other components of financial well-being
- to explore approaches to measuring changes in financial wellbeing and its key components.
We want to work towards an evidence-based framework that will help policy makers and practitioners in financial capability 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 was a collaboration between the Centre for Social Impact and the Social Policy Research Centre at UNSW.