About this project

In 2020 the OECD international network of financial education (INFE) surveyed adult financial literacy. This concluded, across 26 countries, the average financial literacy score of the 125,787 participants was only 63%, and the wellbeing average score was below 50%. This suggested that on average, individuals do not consider their financial situation to contribute positively to their wellbeing, but rather added stress and worry. (OECD/INFE 4th July 2021)

In March 2020, Money Saver headquarters partnered with Society One and conducted a national survey in Australia. This survey found 71% of Australians had one credit card and were experiencing financial stress and anxiety due to payment obligations. (Money saver HQ Diana Jenkins 2020)

Since the start of the COVID-19 pandemic, many Australian families have had their finances impacted. The Australian institute of family studies conducted a survey during the first wave from May to June 2020. The survey looked at how people had responded to the financial impact since COVID-19 and their levels of concern about their current and future financial situation.

7,306 responded to the survey and the results showed that one in seven Australians had seen a decrease in income. As result of that, they are requesting for a pause on rent or mortgage repayments. One in five people asked for financial help from friends or family and one in eight had asked for help from welfare or community organisations. Three out of five expressed little concern about their current financial situation with seventy percent concerned about their future financial situation. (AIFS 4th July ,2021)

As a practicing business lending professional at the centre of helping Australian businesses secure relief packages, I see the impacts that the pandemic has had on working individuals and families. Everyone has a money story both negative and/or positive and of the thousands of conversations I have had with Australia business owners over the years; one fact that comes out of them every time is if the right education were given, their situation could have been vastly improve.

Barco Consulting have partnered with Backhouse Creative to work on a new product that aims to improve financial literacy and reduce the stress and anxiety that people experience when their financials situation changes.

The product will give participants the opportunity to build on their talents and learn new financial knowledge and skills, by completing and using a series of activities and assessments related to money management users will receive a plan to manage their finances in the future and have ongoing access to financial tools for a fee.

We are currently testing the product, and as a friend past colleague, or student of mine you have been invited to participate, and as a way of saying thank you on completion you will receive a free budget report.

Regards,

Justin Barnes
Founder, Director | Barco Consulting Pty Ltd
BA bus, Adv Dip in financial planning and mortgages | Dip in education and training|
 Dip in training design and development.
www.linkedin.com/in/justindbarnes |justinbarnes@barcoconsulting.com.au

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