Financial Capability services help people to build longer-term capability to budget and manage their money and to make informed choices about their money in the future.
Financial Capability workers deliver financial literacy education, information and coaching and maintain a strong focus on supporting consumers to change their behaviour and ‘learn by doing’. This includes basic financial literacy education and support either individually or in group settings.
The Financial Capability services include:
- budgeting support to individuals
- non-accredited financial literacy community education workshops to clients and local groups
- helping clients to build skills to avoid or resolve financial difficulties and strengthen their capacity to manage their own money and to know where to get further help when required and
- assisting families at risk of homelessness to manage their finances and household expenses in order to prevent future accommodation crises.
Some organisations may also deliver the Indigenous Home Ownership Education (IHOME) which is aimed at increasing the understanding of the financial commitment of home ownership. The package was designed by DSS and Indigenous Business Australia. This education package is delivered in a series of workshops for Indigenous people looking to purchase or build their own home on Indigenous land.
Financial Capability workers Do Not provide financial counselling, financial advice, or deal with complex financial or legal matters. If individuals require such assistance, Financial Capability workers will facilitate access to financial counsellors and other relevant services as appropriate. In many cases, they work hand in hand with financial counsellors.