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STRENGTHEN
Building financial resilience.
White Box Enterprises’ Financial Wellbeing Program is continuing for a further two years, thanks to renewed support from Ecstra Foundation.
Originally developed as the first bespoke financial wellbeing program created specifically for, and with, jobs-focused social enterprises, the program has already supported organisations to strengthen one of the most overlooked fundamentals of long-term employment: financial wellbeing.
In this next phase, the program will expand beyond jobs-focused social enterprises to include a broader mix of not-for-profits and community organisations focused on employment outcomes.
This next stage builds on the learnings and impact of the initial three-year pilot.
What we learned from the pilot
Over the initial three-year pilot (2023–2025), the Financial Wellbeing program supported social enterprises to embed financial wellbeing education into their support models, helping employees build confidence, skills and healthier behaviours around money.
This proved to be a valuable addition to the wrap-around supports provided by these businesses. In many cases, employees were earning a wage and managing their money for the very first time, making the training a timely and practical complement to on-the-job support.
The final evaluation by CSI Swinburne found the program to be highly effective, meeting all its goals for participating social enterprises.
According to Ecstra Foundation CEO, Caroline Stewart: "White Box and their social enterprise partners continue to show that providing new employees and workplaces with targeted financial wellbeing programs and supports is a highly effective and efficient model."
“Their collaborative approach, willingness to share learnings, and a clear focus on impact have enabled this work to grow and benefit more for purpose employers and employees. Ecstra is proud to continue our partnership with White Box, delivering meaningful and lasting financial wellbeing outcomes."
The full Year 3 evaluation report is available below.
Real impact from the program
While the evaluation highlights the program’s effectiveness, its impact is best understood through the experiences of participants.
Jacob, a crew member at YMCA ReBuild, was dealing with a significant debt issue that had been causing him anxiety. Through the program, he built the confidence and skills to take action. Within a day, he had established payment plans, and with support from his case worker, identified a program that reduced his debt from $9,000 to $200.
Chris, a team member at Joii, had never completed a tax return. After the training, he lodged his first return through myGov and received a refund, which he used to buy a second-hand car.
Third year results of Financial Wellbeing Program
86%
said their confidence to manage their money had improved
93%
said it provided clear and relevant examples
95%
of participants had an improved sense of how to get financial help
91%
said it provided them with many new learnings
100%
found it understandable
All of the desired effects for social enterprises – integration with existing support, personalisation, and capability and skills – were delivered in Year 3.
