Spotlight on economic abuse - Good Shepherd Youth & Family ...

perpetrators to be excluded from the home as a condition of domestic violence orders
(Bartels 2010). Service models also include: specialist workers to assess safety and support
needs, and brokerage funds to stabilise housing, increase home security and provide shortterm
rental subsidies or mortgage top ups (Australia 2008). However this approach is not
likely to be suitable for all women, especially where there is a high level of risk of ongoing
violence and the White Paper identifies a continued reliance on crisis accommodation, which
has been unable to meet demand over a considerable period (Australia 2008). There is also
some evidence that exclusion orders are rarely used (Bartels 2010), including because there
is some reluctance on the part of courts to use them (Wilcox & McFerran 2009; McFerran
2007).
Financial capability and other financial services and programs
While the term ‘financial capability’ may be used interchangeably with the term ‘financial
literacy’, here the former term is taken to be a broader concept than literacy and to include
the opportunity to develop financial stability through asset-building as well as through gaining
knowledge and skills (Landvogt 2006). Financial capability initiatives can be primary,
secondary and tertiary interventions, including, for example: primary interventions which aim
to provide financial education—including on gender issues—for young people through
school-based programs; primary or secondary interventions such as financial education for
women (for example, providing information on how superannuation works) and for
community sector workers (for example, training to increase understanding of key financial
issues for women and possible avenues of referral for assistance) and education for women
who have been subjected to violence (for example, microfinance to assist women to build
assets).
Australian Government policy and programs in this area includes the National Financial
Literacy Strategy which includes education as a primary intervention and an assortment of
mainly secondary and tertiary interventions that come under the banner of the Financial
Management Program, which includes emergency relief, microfinance, a retirement savings
information service, financial counselling, the Community Development Financial Institutions
pilot project providing low cost lending and the home energy saver scheme assisting low
income households. These programs are mostly provided in conjunction with the states and
territories, community sector agencies and corporate bodies such as lending institutions.
Financial literacy
In 2011, the Australian Securities and Investments Commission (ASIC), the national financial
services regulation body, established the National Financial Literacy Strategy (the National
Strategy), building on existing initiatives in this area (ASIC 2011). The National Strategy
defines financial literacy as “the ability to make informed judgements and to take effective
decisions regarding the use and management of money” (ASIC 2011, p. 12). 6
The need for the strategy is identified as arising from “the growing range of financial
products available, changes in demography and increases in consumer responsibility for
superannuation decisions and retirement incomes” (ASIC 2011, p. 4). It is also noted that
there are significant disparities in knowledge and understanding of financial matters across
different groups in the community and that, while there can be significant benefits for
everyone, improving financial literacy will assist some to overcome or avoid financial
6 ASIC (2011, p. 12) notes that the term ‘financial capability’ ‘perhaps better expresses the concept of
acting on knowledge gained’ but that the term ‘financial literacy’ is ‘well embedded in Australia‘.
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