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

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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‘. 34
exclusion. In addition to increasing economic participation and social inclusion ASIC states that increased financial literacy can “drive competition and market efficiency in the financial services sector, and potentially reduce regulatory intervention” (ASIC 2011, p. 5). ASIC identifies the groups as being most in need of financial literacy assistance as retirees and pre-retirees, young people, Indigenous Australians, women and other groups with low financial literacy or who are excluded from traditional avenues for financial information and advice. However, it is not clearly articulated how the National Strategy will target these groups. Partners in the development and implementation of the National Strategy are identified as government bodies, education and financial institutions, businesses, unions and non-government organisations including community groups and charities. The National Strategy identifies existing education pathways (schools, vocational and adult education, universities, workplaces) as priority avenues for extending financial literacy skills and knowledge and places emphasis on “broad generational change” with its “key initiative” a being a new consumer website, ‘MoneySmart’, providing “independent, free, reliable and accessible personalised money guidance tools, designed to engage people and lead to positive action motivation” (ASIC 2011, p. 7). An evaluation of MoneySmart among internet users (Sweeney Research 2012) provides limited insight into how effective this type of service might be for women who have low levels of financial literacy. Various state and territory governments have at times specifically identified the improvement of women’s financial literacy as a priority for women’s economic security including, for example, the Northern Territory’s current women’s strategy (Northern Territory Government 2008). Economic security through education and employment is identified as one of five priority areas and the strategy includes actions to increase women’s access to financial planning. Individual state and territory agencies with responsibility for consumer affairs may also provide and/or fund financial education initiatives. Microfinance and low-cost lending Microfinance incorporates a number of asset-building strategies for people on low incomes and the microfinance strategies supported by government in Australia are matched savings schemes and no or low interest loans schemes. As noted in the discussion of income support payments above, matched savings programs are available through Centrelink to some people receiving income support payments who are being income managed. The Australian Government also funds microfinance programs which are provided through community organisations, with largest of these being the Good Shepherd Youth & Family Service no interest loans program which also receives significant support from the National Australia Bank. 7 In the 2011-2012 federal budget the government committed funding for this program of $24 million over four years (Macklin 2011) and the program is now provided in over 400 locations around Australia (Good Shepherd Youth & Family Service Microfinance 2012, accessed 24 June 2012 at ). As discussed in the section on community services below the no interest loans scheme has been adapted to be used by women leaving domestic and family violence to build household assets (Good Shepherd Youth & Family Service 2012, accessed 24 June 2012 at < http://www.goodshepvic.org.au/ stepupandnils/>). The Community Development Financial Institutions pilot project has provided funding to five community finance organisations for business development and infrastructure costs. Its 7 This is now coordinated by Good Shepherd Microfinance (see ). 35
Page 2 and 3: Spotlight on Econo
Page 4 and 5: Contents List of Abbreviations ....
Page 6 and 7: Executive Summary This literature r
Page 8 and 9: legal matters migration matters hea
Page 10 and 11: There is a need for greater support
Page 12 and 13: Overview This paper is organised as
Page 14 and 15: The DV Vic definition informs the u
Page 16 and 17: Case Study: Maria Maria’s husband
Page 18 and 19: Some ‘typical scenarios’ of eco
Page 20 and 21: As part of repeated or ongoing cont
Page 22 and 23: also outside the scope of this pape
Page 24 and 25: Influences, Impacts and Points of I
Page 26 and 27: Particular vulnerabilities to econo
Page 28 and 29: Exploring the impacts of economic a
Page 30 and 31: Impacts relating to child support.
Page 32 and 33: Compared with 1995, people were mor
Page 34 and 35: Public Policies and Practices There
Page 36 and 37: the legal frameworks affecting dome
Page 38 and 39: In addition to family violence poli
Page 40 and 41: Centrelink may seek to recover paym
Page 42 and 43: Services staff providing customer s
Page 46 and 47: purpose is to “build the capacity
Page 48 and 49: financial literacy strategy. Howeve
Page 50 and 51: or in any other way controls or dom
Page 52 and 53: In its recent review the ALRC ident
Page 54 and 55: and for the creation of a new tempo
Page 56 and 57: equiring assistance or consideratio
Page 58 and 59: establish if there is a need for re
Page 60 and 61: considered by community sector grou
Page 62 and 63: Community Services Policies and Pra
Page 64 and 65: Financial counselling services are
Page 66 and 67: Conclusion: Community services resp
Page 68 and 69: —— 2011, Forms of employment, A
Page 70 and 71: Chappell, D & Di Martino, V 2000, V
Page 72 and 73: se.unsw.edu.au/Conference%20papers/
Page 74 and 75: Northern Territory Government 2008,
Page 76 and 77: VicHealth—see Victorian Health Pr
Page 78 and 79: ALRC (2011c) recommendations for ch
Page 80: GoodShepherd_Cover_print.indd 2 1/1

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