17 September 2010
Financial inclusion for vulnerable people
Roslyn Russell, RMIT; Tony Nicholson, Brotherhood of St Laurence; Elaine Kemspon, University of Bristol; Chris Bowen, the then Minister for Financial Services; Paul Clitheroe, Australian Government Financial Literacy Board; and Philip Chronican, ANZ.
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A multi-sector Financial Inclusion Summit was held recently to initiate dialogue across the sectors and create a vision for a financially included Australia.
The event was organised by Associate Professor Roslyn Russell from the School of Economics, Finance and Marketing, RMIT University.
The Summit featured Professor Elaine Kempson, financial inclusion expert from the University of Bristol, and Chris Bowen, the then Minister for Financial Services.
Discussion was also initiated by a panel of prestigious representatives from government, banks and the community sector.
The success of the event was due to the collaboration between the Brotherhood of St Laurence, ANZ, and RMIT. The three organisations have worked together on several financial inclusion initiatives including Australia’s first matched savings program – Saver Plus.
Saver Plus is an initiative of the Brotherhood of St Laurence and ANZ. RMIT has conducted the evaluations since its inception.
In 2009 the Federal Government committed more than $13 million for the expansion of Saver Plus across Australia.
The research produced by RMIT over the past six years was a key factor in the Government’s decision to support and fund the program’s expansion.