Does Australia have an advantage in promoting financial well-being and what might Canada and other countries learn?

Abstract

Strategies to promote consumer financial well-being are different in Australia and Canada even though they have many similarities at the demographic, social, and economic levels. In Australia, as compared with Canada, financial literacy and bank inclusion are understood to be closely related and stakeholders, including banks, civil society, and the state, work relatively closely together to improve financial well-being of marginalized groups. This paper describes this situation, explains major factors that have shaped each country’s approach, and provides examples with special reference to Indigenous financial inclusion. Bank commitment to social responsibility plays an important role in explaining the difference. The purpose of this paper is to show that Australia’s strategies and models may be of use to Canada to improve general financial well-being, and as collaborative efforts are beginning to work with Indigenous Peoples in Canada to build Indigenous Person financial well-being there.