Promoting women’s financial well-being in Regional Australia

• Description of the programme
• The study
• What are the outcomes?
• Key findings
• Points to consider
• Full report

Description of the programme

The “Regional Women’s Financial Literacy Roadshow” was developed and delivered by 10thousandgirl, an Australian community organisation. The programme aimed to improve the financial well-being of women aged 18-45 living in regional Australia by providing access to a range of financial education programmes, information and resources. The topics covered in workshops were goal-setting, planning for the future, reducing risk and investing.

Between March 2015 and October 2016, 19 one-day regional workshops; ten one-hour webinars; and four six-week online courses were conducted. The evaluation focused on the outcomes for regional participants. A total of 2,452 women participated in at least one of the regional roadshow events.

The study

The evaluation used mixed-methods including:

• Participant registration data (demographic information as well as pre-programme measures of financial well-being)
• Post-workshop feedback forms
• A Retrospective Pre-Test method was used in follow-up surveys conducted with participants of the regional workshops between two and four months post-programme
• Qualitative interviews with programme stakeholders
• Analysis of media coverage
• A review of research literature describing the financial needs of regional and rural women.

What are the outcomes?

The evaluation aims were to:

• Assess the reach of the programme
• Identify participants’ financial capability needs and motivations
• Identify changes to participants’ financial well-being, financial capabilities, financial attitudes and behaviours
• Explore the outcomes for the community.

Key findings

• Mean financial well-being scores (out of 100): 52 before the programme, 59 after the programme Financial capability (mindset):
• Mean financial self-efficacy scores (out of 24): Before = 14, after = 17
• The programme increased participants’ levels of optimism for their financial futures:
  • 91% felt more motivated to achieve their financial goals
  • 83% felt better able to plan ahead
  • 75% felt more in control of their money
  • 61% had greater confidence in other aspects of their life
  • 52% felt less stressed about their future.

Financial behaviours:

• 61% reduced their spending in order to save more
• 57% took action towards achieving a dream
• 56% had got back on track towards achieving their financial goals
• Participants who don’t plan much: before = 24%, after = 3%
• 43% consolidated their superannuation funds; 24% increased their superannuation contributions; and 27% made changes to their superannuation investment portfolio
• 19% increased their investment (other than superannuation) portfolio and 18% started planning an investment strategy
• 74% revised their existing insurance policies; and 15% purchased new insurance policies.

Two-to-four months after the programme, most participants perceived themselves to be in a better financial position, to be able to better absorb financial shocks and work towards their goals as well as feeling more confident about their money management abilities.

Financial capability (connection):

• 46% found it easier to initiate a financial conversation with their partner
• Participants had increased access to resources including to finance professionals; and had had the opportunity to talk about money with other women.

The programme was predominantly attended by women aged over 45 years (i.e. outside the target group); however, it had the most impact on younger women aged 18 to 30 years. The programme provided a financial ‘roadmap’ for younger women in working towards financial independence.

The enthusiasm and experience of the facilitator was reported to be important to the success of the scheme.

Points to consider

• Relevance:
  • Given the results were more positive for younger women than older women, the evaluation recommended that consideration could be given to delivery options that would suit younger working women.
• Methodological limitations:
  • There was no comparison group to determine causality, and caution must therefore be exercised when interpreting the results.

Full report

Promoting women’s financial wellbeing in Regional Australia - full report