Financial Inclusion Action Plans (FIAP)

Financial Inclusion Action Plans (FIAP)

Latest FIAP news


Three million people in Australia are severely or fully excluded from financial institutions and their banking and insurance products. Financial exclusion places people and their families at risk of financial hardships. This can lead to poverty, vulnerability to predatory lending practices and poor social, emotional and health outcomes.

In 2015 Australia committed to financial inclusion by agreeing to international obligations including the G20 Financial Inclusion Action Plan and the United Nation’s Sustainable Development Goals. As part of this commitment, the Australian Government appointed Good Shepherd Microfinance to develop a Financial Inclusion Action Plan (FIAP) program.

The FIAP program provides an opportunity for organisations to take real action to realise financial inclusion – especially for women.  The program has been developed in partnership with the Australian Government, EY and the Centre for Social Impact and is also supported by an Advisory Group of experienced professionals from across the government, corporate and community sectors.

Why is financial inclusion important?

The innovation of a modest group of 30 Trailblazer organisations embedding committed actions into business as-usual-practices, could contribute towards:

  • A GDP uplift of $2.9 billion,
  • Government savings of $583 million
  • Increased household wealth of $11.8 billion per annum [1]

What is a FIAP?

A FIAP is an agreed strategy of practical actions that an organisations will undertake to improve financial inclusion in Australia. A FIAP provides an opportunity for these organisations to take real action to enable financial inclusion and resilience.

Together with Good Shepherd Microfinance, organisations are able to put together a series of measurable actions that commit to financial resilience for their staff and clients.

Download the FIAP launch report: Collective actions, leading change.

30 trailblazer organisations

In 2016, 12 Trailblazer organisations committed to over 240 new and existing actions that promote financial inclusion and resilience. These organisations have seen measurable improvements in financial resilience for their staff and customers as a result of the actions. In 2017, 18 new organisations have committed to launching their FIAPs. These organisations join the growing FIAP Community of Practice that will explore multi-sectoral collaboration to create shared value through collective impact.

The Foundation FIAP is a 12 month commitment to declare existing actions as well as test and explore new ways to promote financial inclusion and financial resilience. Together, the 12 Trailblazers have committed to over 240 actions focused on enabling core aspects of financial inclusion and resilience. The 12 Trailblazers are:

Building a FIAP Community – Statements of Commitment

Following the launch of the Foundation FIAPS in November 2016, eighteen other organisations have now committed to developing their FIAPs in 2017. These organisations join the growing FIAP Community of Practice that will explore multi-sectoral collaboration to create shared value through collective impact.

Download the Financial Inclusion Action plan brochure.


[1] SPP (2016). Economic Modelling for FIAP Program Implementation Team, November 2016

Related links

Dr. Godinho, V. 2017, ‘The Power of 30’, Linkedin, viewed 22 June 2017, https://www.linkedin.com/pulse/power-30-dr-vinita-godinho?published=t

 

Latest News from Financial Inclusion Action Plans (FIAP)

2 November 2017

Addressing financial exclusion

In Financial Inclusion Week, it's important to highlight that many Australians experience financial exclusion. However, programs such as NILS, StepUP and FIAP can enable people to build their financial capability and resilience.

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7 July 2017

Shifting the Dial on Financial Inclusion and Resilience for Indigenous Consumers

As the 60th anniversary of the NAIDOC week celebrations rolls in, it is timely to reflect that despite isolated pockets of success, much remains to be done to realise Indigenous inclusion in Australia.

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26 May 2016 Media Release

Resilient women the focus of new national program

The FIAP program invites organisations to turn good intentions into action that works by collaborating across sectors to improve financial inclusion for everyone.

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21 June 2017 Media Release

30 Organisations Join Forces To Enable Financial Inclusion For Three Million Australians and Boost GDP

The number of organisations committed to driving inclusion and resilience for over three million adults who are experiencing financial exclusion in Australia has today risen to 30, with a range of actions underway to support those in need. One in every two Australians has limited or no savings, and a quarter report having experienced difficulties accessing financial services.

Through individual Financial Inclusion Action Plans (FIAPs), the 30 organisations, which include essential services providers, professional services firms, banks, universities and government agencies, are working towards measurable actions that will create a more financially inclusive community. The various initiatives range from improved access to appropriate and affordable financial products and services; development of early warning indicators to identify vulnerability; and support to those experiencing family violence avoid financial hardship. Read more.

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By working collaboratively across business, community and government we are committing ourselves to work together to create a more financially inclusive and just society, whilst placing Australia in a global leadership role regarding our international commitments to the G20.

Delia Rickard, Independent Chair Financial Inclusion Action Plan Advisory Group