Financial Inclusion and addressing exclusion in NSW

NCOSS is a member of The NSW Financial Inclusion Network, which released its Financial Inclusion position paper on 21 September. This paper is an important step in recognising the impact of financial exclusion in compounding disadvantage for many vulnerable people in our community. Find out more about financial inclusion, and what the next steps are to a more inclusive NSW.  

What is Financial Exclusion? 

Many of us take for granted our access to the banking services, credit cards, insurance, loans and other financial services that increasingly underpin our daily lives. However, for many vulnerable people in our community, there are a range of factors that make access to these products and services either impossible or not affordable. Lack of access to these crucial financial services and products compounds disadvantage, and means they are excluded from full participation in their community. In Australia, nearly 17% of adults are currently financially excluded from full participation in their community. 

Financial Inclusion Position Paper

On 21 September the NSW Financial Inclusion Network released the Financial Inclusion for NSW Position Paper that seeks to highlight the nature and extent of financial exclusion in NSW, and provide momentum for co-ordinated policy and community responses that will help make our community more financially inclusive. 

Background on The NSW Financial Inclusion Network

NCOSS is a member of the NSW Financial Inclusion Network. Created in 2015, this network aims to engage the community sector, government and other organisations, to work together towards a more financially inclusive future for NSW. The drafting of a position paper that sets out the next steps for a more inclusive NSW has been a major step in this collaboration. 

For more information on the work of the NSW Financial Inclusion Network, or to discuss the ongoing work that NCOSS is doing to make NSW more inclusive, contact douglas@ncoss.org.au