The Albanese Government is investing more than $6 million in 2023-24 to strengthen and increase targeted financial literacy and capability supports for vulnerable Australians in the Northern Territory.
The investment builds on existing services and expands and responds to demand for these services across the Northern Territory, including services available to those moving from Income Management to enhanced Income Management.
The funding will support existing Financial Wellbeing and Capability (FWC) organisations providing financial literacy and capability supports to increase the accessibility of supports to include outreach to remote locations, recognising the excellent outcomes FWC organisations are achieving with the individuals and communities they support.
The investment will provide Income Management participants and low income individuals in the NT with increased access to a range of financial wellbeing supports, including financial counselling, financial education and literacy, and increased access to No Interest Loans.
The added funding will also support the co-design and implementation of a targeted financial education program, building on the success of the existing Saver Plus program, focused on empowering individuals to build their financial skills and knowledge in a way that works for them.
Minister for Social Services, Amanda Rishworth said these commitments follow consultation with Northern Territory community organisations on their needs, the needs of their communities, and opportunities for further support for vulnerable individuals and those on Income Management and enhanced Income Management.
“We are committed to ensuring individuals receive the support they need and can access tools and resources that will help develop their financial wellbeing, capability and resilience,” Minister Rishworth said.
“By strengthening these financial wellbeing support services, more individuals in the Northern Territory will be able to access support to better navigate and overcome financial hardship.”
This extra funding is in addition to the almost $225 million allocated to boost Financial Wellbeing and Capability services in response to Covid, recent floods, and the rising cost of living impacting Australian communities. This is on top of the $120 million already committed annually for these services.
Further information, including how to find financial wellbeing providers, is available on the Department of Social Services website.
More information on the existing Saver Plus program is available at the Saver Plus website.