Adelaide to launch financial wellbeing program for disadvantaged people
Adelaide has been chosen to participate in a national pilot program to help Australia’s most vulnerable individuals end the debt cycle and build financial wellbeing.
The pilot program, In-roads is a partnership between Anglicare SA and Community Sector Banking (CSB) — Australia’s first and only bank specialising in the not-for-profit sector.
The pilot scheme, funded under the Federal Government’s Community Development Financial Institutions program, aims to improve the financial knowledge and resilience of vulnerable individuals and their families.
“In-roads offers fair, affordable and appropriate loans and advice, to people who aren’t served by the traditional banks and are at risk of falling into a debt trap,” says Chief Executive Officer, Anglicare SA, Dr Lynn Arnold.
The personal loan program is designed to help people get their lives back on track; however the scheme offers much more than just a loan.
“In-roads also provides tailored, realistic education, helping people make sound financial decisions. For some people, it’ll be their first formal loan, so it’s crucial to know the basics; especially budgeting and managing repayments,” Dr Arnold continued.
CSB Executive Director, Peter Quarmby, says In-road’s key strength is the partnership with local not-for-profit organisations such as Anglicare SA who have a successful track record in providing services to the Adelaide community.
“People are applying through an organisation they know and trust, and that has enormous local credibility and understands their circumstances,” said Mr Quarmby.
In-roads is part of a long term strategy to assist vulnerable Australians out of the poverty cycle.
“I know that people can quickly find themselves in debt and poverty for a variety of reasons and it’s really difficult to escape once you’re trapped. That’s why In-Roads is such a fantastic program because it provides people with a real opportunity to get their finances and indeed their life back on track,” Federal Member for Adelaide Kate Ellis MP said.
For more information please contact: Anglicare SA: Jenny Barrett, Director, Communications Bureau 0408 717 025;
Community Sector Banking: Billy Curry, Marketing Manager 0434 730 710
