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STRENGTHEN
Building financial resilience.
White Box Enterprises’ Financial Wellbeing Program is the first bespoke financial wellbeing program created specifically for, and with, jobs-focused social enterprises.
The three-year program began in 2023 and is funded by Ecstra Foundation. It aims to help social enterprises embed financial wellbeing education into their support models to help employees increase their confidence, skills and behaviours when it comes to money matters.
The program is a valuable addition to the vital wrap-around supports provided by these businesses.
In many cases, the employees involved in the training are earning a wage and managing their money for the very first time, making it the perfect complement.
Research shows that improving financial literacy and resilience among people experiencing disadvantage can reduce financial stress and inequality. It can also improve health and relationships.
Due to limited funds and resources, few jobs-focused social enterprises currently offer financial wellbeing programs.
Feedback shows strong enthusiasm for the program. It's proving the value of equipping employees with the tools and knowledge to make good financial decisions.
A Year 2 evaluation produced by CSI Swinburne found the program met all its goals for social enterprises, empowering staff with greater confidence and readiness to deliver financial wellbeing education. For some of the employees, it has proven life changing. The full report is available below.
The program was initially delivered to the social enterprises that are participating in the White Box Payment By Outcomes Trial. This year, White Box is expanding the program to more jobs-focused social enterprises across Australia.
The unexpected benefits
The true impact of the program is best seen through the stories of its participants.
Take Jacob, a crew member at YMCA ReBuild, who confronted a significant debt issue that had been causing him anxiety. The program equipped him with the confidence and skills to take action. Within a day, he established payment plans, and with assistance from his case worker, he discovered a prison program that reduced his debt from $9,000 to $200.
Then there’s Chris, a team member at Joii, who had never seen the importance of doing a tax return. Since completing the training, he lodged his first-ever tax return through myGov and received a refund, which he used to buy a second-hand car.
Explore more participant stories below.
Second year results of the Financial Wellbeing Program
100%
of employees found the program useful and understandable
96%
said it provided them with many new learnings
96%
said their confidence to manage their money improved
All of the desired effects for social enterprises – integration with existing support, personalisation, and capability and skills – were delivered in Year 2.
