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Teachers Mutual Bank Limited partners with Your Financial Wellness to deliver unique insights into financial wellbeing

3 December, 2020

Working in partnership with Your Financial Wellness (YFW), Teachers Mutual Bank Limited is sponsoring a pioneering research project led by UNSW Sydney. The project comes at a crucial time as everyday Australians feel the ongoing financial impacts of the COVID-19 pandemic.

The research by UNSW Sydney will validate the YFW Index, which brings together unique attitudinal and psychographic data to paint a picture of individual financial wellness in Australia. The Index, developed by YFW with input from the Centre for Social Impact at UNSW Sydney, runs from a scale of 0 to 10 where higher scores represent greater financial wellness.

Preliminary findings from 1,000 Australians surveyed show that financial stress is widespread:

  • 47% of respondents reported some level of financial worry
  • 44% were not confident managing day to day expenses
  • 26% reported high or overwhelming financial stress
  • 20% cannot afford to eat or go to the movies

Teachers Mutual Bank Limited CEO, Steve James, said: “We are thrilled to be part of a pioneering research project aimed at strengthening financial wellbeing within the community. The preliminary research findings confirm that this is a particularly challenging time for many Australians and that there is a real need for further support when it comes to financial wellness.

“Our members provide so much to their communities through their work in the education, emergency services and health care sectors, and it is our mission to help them secure their financial futures. The validation of the index in 2021 will also provide insights into how our members feel about their financial situation and help us continue providing them with the right levels of support and a strong value proposition.”

Even before the pandemic, financial institutions have been looking for ways to tackle the dual challenges of financial wellbeing and customer engagement. According to YFW CEO Alexander Hassall, “helping to build people’s confidence and alleviate concerns about their financial security amid uncertainty should be the focus for financial institutions right now.”

“It is clear that consumers are increasingly looking for trusted sources of content and want their financial institutions to reach out and to provide direction and support. As a forward-thinking organisation, Teachers Mutual Bank Limited is ideally positioned to provide this guidance and will understandably be seen as a genuine partner in a customer’s financial and lifestyle journey,” Hassall said.

The research by UNSW Sydney will be released in early 2021 and the validated YFW Index will then be rolled out as a benchmark for financial wellness in Australia.

Media enquiries

Amanda Resurreccion
Corporate Affairs Manager
(02) 9735 9179 / 0429 421 611
[email protected]