CUA, a provider of financial, health, and insurance solutions, is planning on rolling out new initiatives to help members manage and grow their finances.
“Over the next 12 months we’ll bring you updates on the new initiatives we have planned to help our members grow and maintain their financial wellbeing. For example, by helping those looking to gain financial independence,” CUA said in a statement.
One such initiative will see CUA team up with First Nations Foundation (FNF), a charity seeking economic freedom for First Australians, to provide indigenous communities access to financial services.
With CUA’s support, FNF has so far trained more than 1,000 indigenous people in financial literacy, and run an award-winning indigenous superannuation event called the Big Super Day Out, which successfully located $4.7 million in lost superannuation for more than 750 indigenous people. CUA said its continued support will also enable more people to access financial education programs by transitioning these programs to digital platforms.
It additionally noted recent studies which found that many Australians are struggling financially, with 22% of Australians not having any savings; 25% are sometimes, often, or always unable to pay bills or loans at final reminder; and nearly 45% have low levels of financial knowledge and behaviour.
The Australian credit union also noted that it’s often the most vulnerable who are worst off financially, with studies showing that people with probable mental illness are more likely to go through financial stress and that roughly 43% of indigenous Australians have limited access to financial products and services, including insurance.
