Deadline: 30 April 2020
Ecstra Foundation has announced the Ageing and Financial Wellbeing Grants Program that will enable organisations to create and scale initiatives which build financial capability, wellbeing and economic inclusion for older Australians.
Ecstra invites applications from organisations representing or engaging with older consumers. Their focus is on practical assistance and resources that actively engage and support older Australians on money matters.
Ecstra Foundation exists to strengthen the financial capability and wellbeing of all Australians.
The Ageing and Financial Wellbeing Grants focus on pragmatic, practical assistance and resources that engage older Australians and support their financial decision making.
Applications should address one or more of these priority areas:
- Strengthening digital and financial literacy of older Australians through appropriately targeted, evidence-backed programs
- Resources to encourage and promote long term financial plans before retirement age, assistance with understanding superannuation and pension options and transition to retirement
- Initiatives to inform and protect older consumers from fraud and financial abuse
- Initiatives that address physical and cognitive aging and financial decision making with individuals, their family and/or carers
- Inclusive technologies that deliver accessible support, including navigating home care/retirement/aged care options
- Resources supporting older consumers with complex needs
- A total grant pool of $1,000,000 will be committed with grants announced in May 2020.
- Community engagement: Support projects, programs and organisations that engage communities in Financial Capability. Work with diverse organisations across multiple sectors. Consult with and include communities and investors to promote confident and informed participation in the financial system.
- Promote social and economic inclusion and advancement: Support projects, programs and organisations which actively promote social and economic participation, inclusion and advancement for communities. Support a range of local, state, and nationally targeted projects which actively promote Financial Capability and confident and informed participation in the financial system.
- Equality and equity: Support projects, programs and organisations which provide or improve equitable access and overcome barriers for participation in Financial Capability initiatives.
- Evidence based: Require projects to demonstrate an evidence based approach. Support new and evolving approaches which build community knowledge, understanding and increase the evidence base of Financial Capability in Australia and Internationally.
- “What Works” build: Promote and encourage a shared knowledge hub of “What Works” through funded projects and foster collaboration and encourage shared learnings.
- Qualifications and commitment: Ensure projects can demonstrate effective project management and a positive commitment to outcomes evaluation.
- Sustainability, scalability and replication: Consider the sustainability of projects post grant period. Priority will be given to projects that can demonstrate scalability or replicability to amplify the impact of the grant.
- Long term change: Take a system change approach to addressing persistent social, economic and behavioural issues affecting Financial Capability, acknowledging that long term change requires a collaborative approach and there is not a single solution.
- Grant horizons: Balance grant making between projects addressing immediate gaps and opportunity in Financial Capability and supporting organisations engaged in long term, systems change level approaches to addressing Financial Capability.
- Partnerships and collaboration: Give priority to projects that demonstrate openness to form partnerships (whether formal or informal), and to work collaboratively with others to maximise impact. Cross sector projects are encouraged, bringing the community, government and corporate partners together to address Financial Capability.
- Right to decline: Retain the right to decline proposals at their discretion and provide feedback where appropriate.
- Proposals must aim to improve financial wellbeing by assisting people to make informed and confident decisions about their money. Proposals must do this by satisfying at least one of the following:
- Building organisation capacity to better serve their communities
- Delivering an innovative approach that address the needs of a specific group of consumers
- Scaling up a proven program or approach
- Fostering collaboration
- Promoting the outcomes and impact of an evidence-based approach
- Evaluating an existing program or adding constructively to the ‘what works’ base
- Specific groups or issues with identified gaps in financial capability may include but are not limited to:
- Ecstra will give consideration to Proposals supporting specific urban, regional and remote communities as well as a range of local, state and nationally targeted Proposals.
The assessment process:
- Ensures grants meet the stated purpose of the Community Benefit Payments, namely promoting the confident and informed participation of investors and consumers in the financial system.
- Facilitates identification of Proposals that best align with Ecstra’s Funding Principles and stated purpose of equipping Australians with the resources and support they need to be confident making money decisions today, and to plan their financial future.
- Provides a framework for reviewing Proposals fairly and transparently.
For more information, visit https://www.ecstra.org.au/financial-wellbeing-and-ageing-well