30 May 2022
News from Ecstra
This month we are excited to share the overwhelmingly positive response to our new program, Talk Money with Ecstra Foundation.
We highlight important reports published by Financial Rights Legal Centre on the Consumer Data Right and Insurance, and from Super Consumers Australia their consultative report on retirement incomes. Ecstra is committed to funding pragmatic policy approaches that address consumer fairness across the financial system.
Congratulations to the Financial Counselling Australia team for another successful annual conference. It was wonderful to meet so many peers and partners in person, and learn more about the ongoing challenges facing consumers, the organisations working to support them and many bold ideas for structural reform.
Talk Money with Ecstra Foundation
Our new financial literacy program in schools, Talk Money with Ecstra Foundation is off to a flying start with almost 600 workshops booked in 100 schools across Australia since our February launch!
Classroom workshops are delivered by trained facilitators in person or via live virtual sessions. Talk Money is available for Years 5 to 10. It is provided at no cost to schools, supporting more students learn money lessons for life. Help us reach more schools by sharing with your networks www.talkmoney.org.au
Thriving Communities Partnership - One Stop One Story (OSOS)
The Thriving Communities Partnership (TCP) team provided an inspiring update at the recent Financial Counselling Conference on the work of the OSOS Hub and the genuine collaboration between many partners.
OSOS is a world first cross-sector digital platform, connecting people to support programs and service providers, simply and easily, through a single entry point in a safe and secure way. Ecstra is working with TCP to help scale the OSOS Hub, and on the ongoing evaluation, measurement and sharing of outcomes.
How much do you need to retire?
Super Consumers Australia (SCA) aims to answer this question through their research and consultation on retirement spending levels and savings targets. SCA Director Xavier O'Halloran notes their goal is "to develop trustworthy retirement targets that give people a solid rule of thumb on what they'll need to save to maintain their standard of living in retirement.”
Learn more about how people plan for retirement and SCA's retirement targets and consultative report.
Your personal data and the Future of Insurance
If any sector should know how to handle consumer personal data – the insurance sector should. But do they?
This is the underpinning for Financial Rights Legal Centre's (FRLC) series of four papers on The Future of Insurance. This considers the application of the Consumer Data Right to the general insurance sector. FRLC reviews and makes recommendations on how privacy practices and data standards could be strengthened to improve outcomes for both insurers and consumers.
The findings are very relevant given the impacts of recent natural disasters and increased insurance claims. Access the landmark series - Open Insurance: The Consumer Data Right in Insurance.
Series 3 of the Baby Boomers Guide is coming!
Congratulations to the team at The Baby Boomers Guide to Life in the 21st Century for their accolades at the NSW Ministerial Advisory Council on Ageing Media Awards. Ecstra is delighted to continue our sponsorship for Season 3 of the podcast and radio show. The series on healthy ageing and financial wellbeing is produced by the Community Broadcasting Association of Australia and the Older Women's Network NSW.
Financial Capability Connect
Financial Capability Connect is Ecstra's platform to share ideas, initiatives and research that address the many challenges consumers face managing money and navigating the financial system.
Our most recent Connect event included leading social entrepreneurs discussing effective partnerships and the challenges of building a financially resilient social business.
Warmest thanks to Ally Watson OAM from Code Like a Girl, Tiarne Shutt from First Australians Capital and Rob Caslick from Two Good Co, and moderator Kate Crowhurst for such an engaging session.
Building on impact
32 new and existing grant partners have onboarded to Ecstra's Impact and Measurement Framework and Outcomes Tool since our 2021 launch. This is a fantastic response, reflecting the appetite across the sector for consistent approaches to measuring impact. Thank you to partners including Redfern Legal Centre, Consumer Action Law Centre, The Difference Incubator and Thriving Communities Partnership who are implementing the framework across their diverse projects.