DOCSLIB.ORG

Financial Wellbeing

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial Wellbeing 2 1. Presented by: 2. In partnership with: Authors: Jeremiah Thomas Brown and Jack Noone Suggested Citation: Brown, J.T., Noone, J.,.2021. Amplify Insights: Financial Wellbeing. Centre for Social Impact, UNSW Sydney. Website Amplify.csi.edu.au 3 3. Table of Contents 1. Executive summary .............................................................................................................. 5 2. The structure of this report .................................................................................................. 7 3. What is Financial Wellbeing? ................................................................................................ 9 4. Why Financial Wellbeing Matters ....................................................................................... 10 People ................................................................................................................................... 11 Pandemic............................................................................................................................... 12 Policy..................................................................................................................................... 13 Programs ............................................................................................................................... 15 5. What are the factors that are associated with Financial Wellbeing? .................................... 17 Using a Systems Thinking Approach ........................................................................................ 17 Micro-level factors ................................................................................................................. 20 Personal Context.................................................................................................................... 20 What is personal context? ............................................................................................................20 Personal context and financial wellbeing .....................................................................................21 Commentary on personal context ................................................................................................21 Financial Capability ................................................................................................................ 22 What is financial capability? .........................................................................................................22 Financial capability and financial wellbeing..................................................................................23 Commentary on financial capability .............................................................................................23 Meso-level factors ................................................................................................................. 25 Financial Inclusion .................................................................................................................. 25 What is financial inclusion?...........................................................................................................25 Financial inclusion and personal context ......................................................................................26 Financial inclusion and financial capability ...................................................................................26 Financial inclusion and financial wellbeing ...................................................................................27 Commentary on financial inclusion ..............................................................................................27 Financial Resilience ................................................................................................................ 28 What is financial resilience. ..........................................................................................................28 Financial resilience and financial capability, financial inclusion, personal factors .......................28 Commentary the financial resilience approach ............................................................................29 Organisations ........................................................................................................................ 29 Different approaches to improving financial wellbeing ...............................................................30 The Australian National Financial Capability Strategy ..................................................................31 FIAP approach to financial inclusion .............................................................................................32 NAB Assist financial support .........................................................................................................32 Supply versus demand approaches ..............................................................................................33 Macro-level ........................................................................................................................... 35 Social structures .................................................................................................................... 35 What are social structures? ..........................................................................................................35 Social structures and personal context .........................................................................................35 Social structures and financial inclusion .......................................................................................36 Social structures and financial capability ......................................................................................37 Social structures and financial wellbeing ......................................................................................37 Social structures and financial wellbeing outcomes for Indigenous Australians .........................38 4 Commentary on structures ...........................................................................................................40 Large-scale events, financial markets and other factors........................................................... 40 COVID-19 .......................................................................................................................................41 Global Financial Crisis....................................................................................................................42 Natural disasters ...........................................................................................................................43 Government policies .............................................................................................................. 43 What are policies?.........................................................................................................................43 Policies and financial wellbeing ....................................................................................................43 Policies and financial capability, financial inclusion, personal context ........................................44 Commentary on policies ...............................................................................................................45 A vignette to describe the complexity of factors that influences financial wellbeing ................ 46 Synthesis ............................................................................................................................... 47 Complexity and reciprocation .......................................................................................................50 The influence of meso- and macro-level factors on financial wellbeing depends on personal context. .........................................................................................................................................50 The mechanisms that link financial capability and inclusion with financial wellbeing ................51 6. Implications ....................................................................................................................... 52 Structure and agency ............................................................................................................. 52 Complexity and systems ......................................................................................................... 52 Meso-level responses ............................................................................................................. 53 Assumptions ..................................................................................................................................53 Should there be a greater focus on the macro level? ..................................................................53 The need to coordinate the sector. ..............................................................................................53 What is the role of the general public? ........................................................................................54 7. Next steps ......................................................................................................................... 55 8. Call to action. ..................................................................................................................... 56 9. Conclusion. .......................................................................................................................
Load more

Recommended publications
  • Final Report (Housing and Health).Pdf
    HEALTH EQUITY DATA ANALYSIS The links between health and housing inequities are Housing and Health was prepared by the City of Bloomington, Division of Public Health to fulfill the requirements of the Statewide Healthundeniable, Improvement and the Partnership challenges faced by households HOUSING struggling to afford housing in opportunity-rich Authors: Joan Bulfer, M.S., R.N. LN, Health Promotion Specialist, Bloomington Public Health Margaret Perez, Health Promotion Specialist,communities Bloomington like Public Richfield Health undermine the collective Sophia Long, graduate student, University of Minnesota,health and School prosperity of Public of the Health community. Households of color are disproportionately impacted. When some AND community members cannot access safe, affordable housing, their physical and mental health may be negatively affected. In turn, this can affect success in school, workplace and community. Policy decisions HEALTH made by the City that affect housing can go a long way toward making Richfield a healthier, more vibrant, and ultimately more equitable community. The Effect of Housing on the Health of Low-income Renters in City of Bloomington Richfield, Minnesota Division of Public Health April 30, 2018May 2018 This project was made possible through funding from the Statewide Health Improvement Partnership, Minnesota Department of Health, 2018 Table of Contents Table of Contents .....................................................................................................................................
    [Show full text]
  • Exploring the Use of Residual Measures of Housing Affordability In
    AHURI Essay Exploring the use of residual measures of housing affordability in Australia: methodologies and concepts authored by Paul Henman and Andrew Jones for the Australian Housing and Urban Research Institute Queensland Research Centre January 2012 AHURI Final Report No. 180 ISSN: 1834-7223 ISBN: 978-1-921610-91-2 Authors Henman, Paul University of Queensland Jones, Andrew University of Queensland Title Exploring the use of residual measures of housing affordability in Australia: methodologies and concepts ISBN 978-1-921610-91-2 Format PDF Key words residual measures, housing affordability, Australia, methodologies, concepts, housing Editor Anne Badenhorst AHURI National Office Publisher Australian Housing and Urban Research Institute Melbourne, Australia Series AHURI Final Report; no.180. ISSN 1834-7223 Preferred citation Henman P. and Jones A. (2012) Exploring the use of residual measures of housing affordability in Australia: methodologies and concepts, AHURI Final Report No.180. Melbourne: Australian Housing and Urban Research Institute. i ACKNOWLEDGEMENTS This material was produced with funding from the Australian Government and the Australian states and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible. AHURI comprises a network of universities clustered into Research Centres across Australia. Research Centre contributions, both financial and in-kind, have made the completion of this report possible. DISCLAIMER AHURI Limited is an independent, non-political body which has supported this project as part of its programme of research into housing and urban development, which it hopes will be of value to policy-makers, researchers, industry and communities.
    [Show full text]
  • Non-Housing Outcomes of Affordable Housing CMHC Helps Canadians Meet Their Housing Needs
    RESEARCH REPORT Non-Housing Outcomes of Affordable Housing CMHC helps Canadians meet their housing needs. Canada Mortgage and Housing Corporation (CMHC) has been helping Canadians meet their housing needs for more than 70 years. As Canada’s authority on housing, we contribute to the stability of the housing market and financial system, provide support for Canadians in housing need, and offer unbiased housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of our operations. For more information, visit our website at www.cmhc.ca or follow us on Twitter, LinkedIn, Facebook and YouTube. You can also reach us by phone at 1-800-668-2642 or by fax at 1-800-245-9274. Outside Canada call 613-748-2003 or fax to 613-748-2016. Canada Mortgage and Housing Corporation supports the Government of Canada policy on access to information for people with disabilities. If you wish to obtain this publication in alternative formats, call 1-800-668-2642. The information in this publication is a result of current research and knowledge. Readers should evaluate the information, materials and techniques cautiously for themselves and consult appropriate professional resources to see if the information, materials and techniques apply to them. The images and text are guides only. Project and site-specific factors (climate, cost, aesthetics) must also be considered. Non-Housing Outcomes of Affordable Housing Update review of empirical research evidence linking affordable adequate and stable housing to a range of outcomes March 2016 Steve Pomeroy and Maude Marquis-Bissonnette Focus Consulting Inc.
    [Show full text]
  • Older, Social Housing Tenant Households in Wollongong, New South Wales, Australia Katrina Jayne Skellern University of Wollongong
    University of Wollongong Research Online University of Wollongong Thesis Collection University of Wollongong Thesis Collections 2013 Household sustainability dilemmas and challenges surrounding keeping warm in winter and hot water: older, social housing tenant households in Wollongong, New South Wales, Australia Katrina Jayne Skellern University of Wollongong Research Online is the open access institutional repository for the University of Wollongong. For further information contact the UOW Library: [email protected] Faculty of Science School of Earth and Environmental Sciences Household sustainability dilemmas and challenges surrounding keeping warm in winter and hot water: older, social housing tenant households in Wollongong, New South Wales, Australia Katrina Jayne Skellern This thesis is presented as part of the requirements for the award of the Master of Environmental Science – Research of the University of Wollongong December 2013 1 Abstract Household sustainability dilemmas and challenges surrounding hot water and keeping warm in winter: older, social housing tenant households in Wollongong, New South Wales, Australia This thesis explores the household sustainability dilemmas and challenges surrounding hot water and winter warming of older, social housing tenant households in Wollongong, New South Wales, Australia. Hot water and warming are generally identified as two of the key contributors of Australian household greenhouse gas emissions. Furthermore, Commonwealth and State energy efficiency policies target social and low income households through the provision of education programs and auditors to help households improve energy efficiency, save money and the environment by lowering emissions. Yet, research repeatedly suggests that education alone is inadequate to sustain behavioural change, and low income households are already the most resourceful in terms of household sustainability.
    [Show full text]
  • China National Human Development Report Special Edition
    China National Human Development Report Special Edition In Pursuit of a More Sustainable Future for All: China’s Historic Transformation over Four Decades of Human Development This report is a collaboration between United Nations Development Programme (UNDP), the China Institute for Development Planning at Tsinghua University, and the State Information Center China Publishing Group Corporation China Translation & Publishing House F OREWORD Foreword 1 his Special Edition of the China egory to the high human development TNational Human Development Report category since UNDP first began analyzing marks multiple anniversaries: the 70th global HDI trends in 1990. anniversary of the founding of the People’s China already had higher social indicators Republic of China, the 40th anniversary of than the norm amongst low-income coun- China’s Reform and Opening Up, the 40th tries at the beginning of its Reform and anniversary of UNDP and UN’s presence Opening Up period due to the implemen- in China as well as the 20th anniversary tation of widespread basic health care and of the production of National Human education. The reforms that began in 1978 Development Reports in China. resulted in rapid economic development, China has made extraordinary strides in which further propelled the improve- human development from its founding in ment of social indicators. By 2000, the era 1949 and especially since the beginning of economic scarcity was effectively over of the Reform and Opening Up. China’s and the government shifted its focus to Human Development Index (HDI) value address scarcities in other areas incorpo- increased from 0.410 in 1978 to 0.752 in rating social and ecological development.
    [Show full text]
  • Housing Affordability, Housing Stress and Household Wellbeing in Australia
    Housing affordability, housing stress and household wellbeing in Australia authored by Steven Rowley and Rachel Ong for the Australian Housing and Urban Research Institute Western Australia Research Centre September 2012 AHURI Final Report No. 192 ISSN: 1834-7223 ISBN: 978-1-922075-09-3 Authors Rowley, Steven Curtin University Ong, Rachel Curtin University Title Housing affordability, housing stress and household wellbeing in Australia ISBN 978-1-922075-09-3 Format PDF Key words Housing affordability, housing stress, housing need, household wellbeing Editor Anne Badenhorst AHURI National Office Publisher Australian Housing and Urban Research Institute Melbourne, Australia Series AHURI Final Report, no.192 ISSN 1834-7223 Preferred citation Rowley, S. and Ong, R. (2012) Housing affordability, housing stress and household wellbeing in Australia, AHURI Final Report No.192. Melbourne: Australian Housing and Urban Research Institute. i ACKNOWLEDGEMENTS This material was produced with funding from the Australian Government and the Australian states and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible. AHURI comprises a network of universities clustered into Research Centres across Australia. Research Centre contributions, both financial and in-kind, have made the completion of this report possible. We would like to thank Mike Dockery and Simon Colquhoun for their valuable input into the literature review and the members of the AHURI policy panel for the stimulating policy discussion which informed this Final Report. The members of the panel were; Helen Fletcher, Bruce Headey, Roger Wilkins, David Wilson, Gabrielle Hummel, Marque Raymond and Jay Martin.
    [Show full text]
  • I Perceived Quality of Life of Single Mothers Living in Affordable
    Perceived Quality of Life of Single Mothers Living in Affordable Housing in Columbus, Ohio Thesis Presented in Partial Fulfillment of the Requirements for the Degree Bachelor of Science in Social Work in the College of Social Work at The Ohio State University By Nicole K. Carbonari Undergraduate Program in Social Work The Ohio State University 2013 Thesis Committee: Dr. Shantha Balaswamy, Advisor i Copyright by Nicole K. Carbonari 2013 ii Abstract Quality of life (QOL) frameworks have been used in various human service fields to help facilitate development of policies and programs with goals to improve lives of individuals and communities. However, only few studies have used, the QOL indicators to evaluate the, low- income single mothers in affordable housing who have considerable challenges negotiating their work life and family life. Existing studies indicate that the QOL of single mothers varies based on personal characteristics like their age, income, education level, and employment status. Other factors such as length of time spent in public housing, apartment condition, and neighborhood characteristics are also considered to impact their QOL. The QOL is a multi-dimensional concept and includes variables like health condition, mental health status, financial stress, social support and general life satisfaction. This study explores the relationship between QOL indicators found in previous studies and environmental stressors of single mothers who live in affordable housing. A sample of single mothers was randomly selected from a subsidized housing community owned by Homeport called Marsh Run in Columbus, Ohio. To accommodate literacy levels, participants completed either a self-administered survey or in-person interview.
    [Show full text]
  • Spatial Analysis of Housing Stress Estimation in Australia with Statistical Validation
    452 Australasian Journal of Regional Studies, Vol. 20, No. 3, 2014 SPATIAL ANALYSIS OF HOUSING STRESS ESTIMATION IN AUSTRALIA WITH STATISTICAL VALIDATION Azizur Rahman Lecturer, School of Computing and Mathematics, Charles Sturt University, Wagga Wagga, NSW, 2678, Australia. Email: [email protected] Adjunct Associate Professor, University of Canberra, Canberra, ACT 2601, Australia. Email: [email protected] Ann Harding Professor, National Centre for Social and Economic Modelling (NATSEM), University of Canberra, Canberra, ACT, 2601, Australia. Email: [email protected] ABSTRACT: A large number of Australian households are experiencing housing stress. Decision makers at the national and regional levels need reliable small area statistics on housing stress, to most efficiently and fairly target assistance and policy design. This paper studies small area housing stress estimation in Australia and examines various distributive scenarios of the estimates through spatial analysis of a synthetically microsimulated data. Results reveal that one in every nine households in Australia is experiencing housing stress, with private renter households being most greatly affected. About two- thirds of Australian households with housing stress reside in the eight major capital cities, principally in Sydney and Melbourne. The statistical local area level estimates of housing stress are much lower in Canberra, compared to the other major cities. Scenarios of the spatial analysis identify small area level hotspots for housing stress across Australia. A new approach for validating the results of microsimulated data produced by the microsimulation modelling technology reveals statistically accurate housing stress estimation for about 94.3 percent of small areas. KEY WORDS: ASRE analysis; housing stress estimates; microsimulation modelling; spatial microdata; statistical local area; validation technique.
    [Show full text]
  • Modelling and Measuring Quality of Urban Life : Housing, Neighbourhood, Transport and Job
    Modelling and measuring quality of urban life : housing, neighbourhood, transport and job Citation for published version (APA): Aminian, L. (2019). Modelling and measuring quality of urban life : housing, neighbourhood, transport and job. Technische Universiteit Eindhoven. Document status and date: Published: 30/04/2019 Document Version: Publisher’s PDF, also known as Version of Record (includes final page, issue and volume numbers) Please check the document version of this publication: • A submitted manuscript is the version of the article upon submission and before peer-review. There can be important differences between the submitted version and the official published version of record. People interested in the research are advised to contact the author for the final version of the publication, or visit the DOI to the publisher's website. • The final author version and the galley proof are versions of the publication after peer review. • The final published version features the final layout of the paper including the volume, issue and page numbers. Link to publication General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal.
    [Show full text]
  • The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S
    The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S. A JOINT PROJect OF THE COMMUNITY AFFAIRS OFFICES OF THE FEDERAL RESERVE SYSTEM AND THE METROPOLItaN POLICY PROGRAM at THE BROOKINGS INSTITUTION The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S. A JOINT PROJect OF THE COMMUNITY AFFAIRS OFFICES OF THE FEDERAL RESERVE SYSTEM AND THE METROPOLItaN POLICY PROGRAM at THE BROOKINGS INSTITUTION Metropolitan Policy Program at BROOKINGS © 2008 The Federal Reserve System and The Brookings Institution The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S. EDITORS David Erickson, Federal Reserve Bank of San Francisco Carolina Reid, Federal Reserve Bank of San Francisco Lisa Nelson, Federal Reserve Bank of Cleveland Anne O’Shaughnessy, Federal Reserve Bank of Cleveland Alan Berube, Brookings Institution AUTHORS AND RESEARCHERS Alan Berube, Brookings Institution Courtney Anderson Mailey, Federal Reserve Bank Jeremiah Boyle, Federal Reserve Bank of Chicago of Richmond Ana Cruz-Taura, Federal Reserve Bank of Atlanta Carl Neely, Federal Reserve Bank of Richmond Naomi Cytron, Federal Reserve Bank of San Francisco Lisa Nelson, Federal Reserve Bank of Cleveland Wenhua Di, Federal Reserve Bank of Dallas Harriet Newburger, Federal Reserve Bank of Philadelphia Kelly Edmiston, Federal Reserve Bank of Kansas City Yazmin Osaki, Federal Reserve Bank of New York David Erickson, Federal Reserve Bank of San Francisco Carolina Reid, Federal Reserve Bank of San Francisco Ellen Eubank, Federal Reserve Bank of St. Louis Keith Rolland, Federal Reserve Bank of Philadelphia Jeff Gatica, Federal Reserve Bank of Cleveland Anita Sands, ARI Planning & Research, Inc.
    [Show full text]
  • Spatial Analysis of Housing Stress Estimation in Australia with Statistical Validation
    452 Australasian Journal of Regional Studies, Vol. 20, No. 3, 2014 SPATIAL ANALYSIS OF HOUSING STRESS ESTIMATION IN AUSTRALIA WITH STATISTICAL VALIDATION Azizur Rahman Lecturer, School of Computing and Mathematics, Charles Sturt University, Wagga Wagga, NSW, 2678, Australia. Email: [email protected] Adjunct Associate Professor, University of Canberra, Canberra, ACT 2601, Australia. Email: [email protected] Ann Harding Professor, National Centre for Social and Economic Modelling (NATSEM), University of Canberra, Canberra, ACT, 2601, Australia. Email: [email protected] ABSTRACT: A large number of Australian households are experiencing housing stress. Decision makers at the national and regional levels need reliable small area statistics on housing stress, to most efficiently and fairly target assistance and policy design. This paper studies small area housing stress estimation in Australia and examines various distributive scenarios of the estimates through spatial analysis of a synthetically microsimulated data. Results reveal that one in every nine households in Australia is experiencing housing stress, with private renter households being most greatly affected. About two- thirds of Australian households with housing stress reside in the eight major capital cities, principally in Sydney and Melbourne. The statistical local area level estimates of housing stress are much lower in Canberra, compared to the other major cities. Scenarios of the spatial analysis identify small area level hotspots for housing stress across Australia. A new approach for validating the results of microsimulated data produced by the microsimulation modelling technology reveals statistically accurate housing stress estimation for about 94.3 percent of small areas. KEY WORDS: ASRE analysis; housing stress estimates; microsimulation modelling; spatial microdata; statistical local area; validation technique.
    [Show full text]
  • The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S
    The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S. A JOINT PROJect OF THE COMMUNITY AFFAIRS OFFICES OF THE FEDERAL RESERVE SYSTEM AND THE METROPOLItaN POLICY PROGRAM at THE BROOKINGS INSTITUTION The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S. A JOINT PROJect OF THE COMMUNITY AFFAIRS OFFICES OF THE FEDERAL RESERVE SYSTEM AND THE METROPOLItaN POLICY PROGRAM at THE BROOKINGS INSTITUTION Metropolitan Policy Program at BROOKINGS © 2008 The Federal Reserve System and The Brookings Institution The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S. EDITORS David Erickson, Federal Reserve Bank of San Francisco Carolina Reid, Federal Reserve Bank of San Francisco Lisa Nelson, Federal Reserve Bank of Cleveland Anne O’Shaughnessy, Federal Reserve Bank of Cleveland Alan Berube, Brookings Institution AUTHORS AND RESEARCHERS Alan Berube, Brookings Institution Courtney Anderson Mailey, Federal Reserve Bank Jeremiah Boyle, Federal Reserve Bank of Chicago of Richmond Ana Cruz-Taura, Federal Reserve Bank of Atlanta Carl Neely, Federal Reserve Bank of Richmond Naomi Cytron, Federal Reserve Bank of San Francisco Lisa Nelson, Federal Reserve Bank of Cleveland Wenhua Di, Federal Reserve Bank of Dallas Harriet Newburger, Federal Reserve Bank of Philadelphia Kelly Edmiston, Federal Reserve Bank of Kansas City Yazmin Osaki, Federal Reserve Bank of New York David Erickson, Federal Reserve Bank of San Francisco Carolina Reid, Federal Reserve Bank of San Francisco Ellen Eubank, Federal Reserve Bank of St. Louis Keith Rolland, Federal Reserve Bank of Philadelphia Jeff Gatica, Federal Reserve Bank of Cleveland Anita Sands, ARI Planning & Research, Inc.
    [Show full text]