Consumer care
At Ecstra Foundation, we are working to ensure that consumers have access to the support and information they need, at the times they need it most.
The Banking Royal Commission findings highlight the significant consumer harm caused by the provision of inappropriate services and products, misinformation and systemic accountability failings in the financial system.
We support initiatives and cross-sector collaborations which focus on improving outcomes for consumers in the financial system, working with our partners to address structural inequalities between consumers and financial services providers, and to improve transparency, ethical decision making and access to appropriate financial products and services.
An increasingly complex financial system means that improvements in these areas, backed by strong regulatory settings is vital to achieving sustained consumer financial wellbeing.
Below is a selection of current and completed grants addressing consumer wellbeing.
Super Consumers Australia
How Much Do You Need to Retire?
Super Consumers Australia (SCA) is a consumer advocacy organisation dedicated to advancing and protecting the interests of low-and-middle-income Australians navigating the superannuation system.
Ecstra is providing multi year capacity funding to support SCA’s in-house consumer policy, survey, insight and research capabilities.
This will help expand SCA’s comprehensive work bolstering consumer and industry understanding of the superannuation space.
To learn more about how people can plan for retirement, and SCA’s retirement targets, see their consultative report- Retirement Spending Levels and Savings Targets.
Jul 2022 - ongoing
Financial Rights Legal Centre
Insurance Law Services
The Financial Rights Legal Centre is a specialist community legal centre with expertise in financial services including consumer credit, banking, debt recovery and insurance.
FRLC’s Insurance Law Service (ILS) provides free information, legal advice and representation for Australians in relation to personal insurance issues. Services include telephone and email advice, self-help resources with insurance factsheets, sample letter generators and a motor vehicle accident problem-solver.
Ecstra’s multi-year support of the FRLC contributes to their policy, education and communications work, ensuring more Australians can access insurance information when needed.
Financial Rights Legal Centre’s (FRLC) Future of Insurance research series has led policy development and industry discussions on the application of the Consumer Data Right (CDR) to the general insurance sector.
Jul 2022 - ongoing
Thriving Communities
One Stop, One Story
Thriving Communities Partnership (TCP) is a not-for-profit for-purpose organisation working with business, service providers, academics, government, and NGOs to build networks and platforms for shared learning and collective action.
TCP developed the One Stop, One Story Hub (the Hub) a world first cross-sector digital platform, connecting people to support programs and service providers, simply, through a single entry point in a safe and secure way. For people experiencing vulnerability, this means: One Stop, One Story, removing the need to retell their story and relive trauma.
Ecstra is funding TCP to develop an evaluation model, enabling the measurement and sharing of outcomes to create a more aligned system for consumers. Ecstra’s funding also enables TCP to scale the project and further build cross sector engagement and collaboration.
Oct 2021 - ongoing
Financial Rights Legal Centre
Consumer data and open insurance
Financial Rights Legal Centre conducted research to develop an informed consumer representative position on consumer data and open insurance.
Jan 2020 - May 2020
UCare Gawler
Veterans Impact Project
UCare Gawler developed and delivered a pilot program aimed at addressing the financial capability needs of military veterans and their families whilst they adjust and transition to civilian life, through financial capability outreach, targeted referrals and assistance.
May 2020 - Apr 2022
Aged and Disability Advocacy Australia (ADA Australia)
Financial literacy in substitute decision making
ADA Australia produced two educational cartoon videos targeting a national audience. Video 1 focused on increasing the financial literacy of adults (18 – 65 years) with a mild to moderate level cognitive disability and/or impaired decision-making capacity. Video 2 helped educate those who have been appointed as a formal decision maker for financial matters.
Feb 2019 - Oct 2019
Consumer Action Law Centre & Financial Rights Legal Centre
Wheel of misfortune: Payday loans
Consumer Action Law Centre and Financial Rights Legal Centre partnered to deliver a public education campaign on borrowing options (using the Watch Your Nuts video).
The campaign was aimed at shifting attitudes around Australians’ borrowing habits.
Jan 2019 - Sep 2019
Griffith University
Informed choice in decisions to engage in multi-level marketing businesses
Led by Dr Laura de Zwaan (Griffith University) and Dr Deanna Grant-Smith (QUT), the team undertook research to understand the financial and work-life balance expectations of MLM consultants in Australia and to develop financial literacy resources to assist potential consultants to make an informed decision about entering into an MLM scheme.
Feb 2019 - Oct 2021
Macquarie University
AntiPort
The project team led by Professor Stefan Trueck developed an AntiPort website, a mobile phone application and an educational video to raise awareness and better protect consumers from the risks of fraudulent mobile number porting.
Feb 2019 - Jun 2022
Tender Funerals
Funerals and financial hardship hub
Tender Funerals is a not-for-profit funeral service model that aims to ensure all Australians can access meaningful and affordable funerals.
Tender Funerals established a network of local franchisees and provide support to local sites, including a public facing website and educational resources for communities.
Dec 2019 - Jul 2022
RMIT University
You, me and money: Financial First Aid Kit for young adults
With a team led by Professor Roslyn Russell, this project created and promoted a financial capability toolkit for young adults. The aim of the project is to prevent the escalation of economic abuse in young adult relationships.
See the financial capability toolkit and money quiz at You, Me & Money.
Watch a video about the co-design process behind the toolkit here.
Read the full project report here.
Mar 2019 - Dec 2020
Violet Initiative
The Violet Initiative is a social enterprise changing the way we spend our last stage of life. Violet helps caregivers by providing non-clinical support through a Guided Support Program and a growing library of stories and information.
Violet is working across sectors to address the needs of carers. Violet engages health care and aged care providers, geriatric and palliative care specialists, community providers, banks and insurers.
Ecstra’s funding has assisted Violet in developing the capacity of partner organisations to provide support on financial issues to carers.
Violet’s financial services awareness and referral programs train customer service staff to sensitively address end-of-life issues, to deal with financial queries as well as offering referral pathways to Violet.
Oct 2020 - Jul 2022
The Ethics Centre
Everyday ethics for financial advisers
The Ethics Centre developed a program on Everyday Ethics for Financial Advisors, which meets the new FASEA requirements and offered it as course material to approved Higher Education Providers.
Mar 2019 - Apr 2020