- The financial counselling program is the first of its kind in Australia
- Follows a successful six-month pilot involving more than over 200 coaching sessions
- The funding is expected to result in 200 customers participating in 1,000 sessions for the next year
WA government-backed Keystart, Anglicare WA and the Financial Counselling Network have launched the Financial Coaching Network program – the first of its kind in Australia.
The launch follows a six-month pilot where over 200 coaching sessions were held, with all Keystart customers who participated in the program reporting improved financial wellbeing.
The program was officially launched by the Minister for Housing, John Carey, earlier this week alongside program designers, financial councillors and pilot program participants.
Coaching
The secured funding allows for the program to continue running for another 12 months and is expected to support 200 customers over 1,000 sessions.
The outcomes of the program include supporting participants to increase home equity, maintain and increase repayments, gain knowledge and access tools.
Along with all participants reporting improvements in financial wellbeing, the pilot program saw a 50% increase in satisfaction with their financial position and a 35% increase in overall financial wellbeing.
Paul Graham, Keystart CEO, said he was proud of the collaborative approach.
“At Keystart our mission is to provide transitional finance solutions for affordable home ownership in a sustainable way, and for the benefit of the community,” he said.
“We are uniquely placed to help people new to home ownership achieve their longer-term goals by building their confidence with managing their finances.
“The service builds financial resilience and wellbeing through individualised guidance and support, using adaptable and flexible interactive tools. This is an innovative, proactive, and people-focused approach to supporting Western Australian homeowners.”
Paul Graham, Keystart CEO
Anglicare WA CEO Mark Glasson added the program is delivered by specialist financial coaches.
“Buying a home is a significant life event. As well as providing financial challenges, it is also an opportunity to get people thinking about managing their finances, creating positive habits, and building financial resilience,” said Mr Glasson.
“The Financial Coaching Program was co-designed to support Keystart customers with individualised practical support to building confidence and drive financial behaviour change.”
Mark Glasson, Anglicare WA
Waikiki resident praises the program
Katherine, a Waikiki resident, participated in the pilot program after she was overwhelmed by debt following a relationship breakdown ending facing a significant amount of uncertainty in her finances.
“My coach didn’t just look at my finances, they looked at the bigger picture and the whole situation, and they really gave me the confidence and tools to take control,” said Katherine.
“As someone who is a bit math adverse, I needed that person in my corner to help me overcome and really face some of the issues I had been avoiding,”
Katherine, program participant
“I was on a road to getting into real strife. But now, the way I look at my finances, the support I feel, and my whole life – it just feels on track. They listened and were there with me to turn things around. And I am just so grateful.”
