This report shows that a person’s financial wellbeing is driven by a complex system of factors that, more often than not, are outside of an individual’s control. It indicates, for example, that an individual’s personal factors such as attitude and income can go a long way to improving financial wellbeing. However, other factors such as gender, race, institutional policies, government policies and world events, such as the COVID-19 pandemic, can all work against an individual when looking to attain financial security.

The report calls for a coordinated approach to improving financial wellbeing in Australia. This means: learning from and working with those who are already trying to address the big barriers to improving financial wellbeing, mapping what others are doing to identify strengths and gaps, and developing a strategy to address the drivers of financial wellbeing.