Minister launches unique financial coaching program

Today, Keystart, Anglicare WA and the Financial Counselling Network launch our codesigned Financial Coaching Program, following a successful six-month pilot where over 200 coaching sessions were held with results that far exceeded expectations. 100% of the Keystart customers who participated in the pilot program reported improved financial wellbeing beyond the benchmark.

Minister for Housing, John Carey, announced the official launch this morning alongside program designers, financial councillors, and pilot program participants. 

The program has secured funding to continue running for another 12 months and is anticipated to support another 200 customers with over 1000 sessions. The program consists of up to six one-on-one, hour-long online sessions, with participants determining the need and focus of each session.

Key program outcomes include supporting participants to increase home equity, maintain and increase repayments, gain knowledge and access tools to thoroughly understand their options. The pilot program was successful with:

• 100% of participants improved their financial wellbeing beyond the benchmark
• 50% increase in participants’ satisfaction of their financial position, and
• 35% increase in overall financial wellbeing.

Keystart CEO Paul Graham said he was very proud of this collaborative approach, and the successful delivery of this truly innovative, accessible, integrated and people-focused customer support through the Financial Coaching Program, the first of its kind in Australia.

"At Keystart our mission is to provide transitional finance solutions for affordable home ownership in a sustainable way, and for the benefit of the community. We are uniquely placed to help people new to home ownership achieve their longer-term goals by building their confidence with managing their finances.

"We can empower our customers to better understand their finances and make changes – to mitigate the possibility of their home loan becoming a burden in their lives," said Mr Graham.

"The service builds financial resilience and wellbeing through individualised guidance and support, using adaptable and flexible interactive tools. This is an innovative, proactive, and people-focused approach to supporting Western Australian homeowners.

"The extension of this program for another 12-months will allow us to make financial education and empowerment opportunities available to more customers."

Anglicare WA CEO Mark Glasson said the program is delivered by specialist financial coaches.

"Buying a home is a significant life event. As well as providing financial challenges, it is also an opportunity to get people thinking about managing their finances, creating positive habits, and building financial resilience," said Mr Glasson.

The Financial Coaching Program was co-designed to support Keystart customers with individualised practical support to building confidence and drive financial behaviour change.

"The results from the pilot program show it is working with every participant improving their financial wellbeing beyond the benchmark.

Waikiki resident Katherine participated in the pilot of the Financial Coaching Program, saying that her former partner had left her completely overwhelmed and in debt, and she was facing a lot of uncertainty in her finances.

"My coach didn't just look at my finances, they looked at the bigger picture and the whole situation, and they really gave me the confidence and tools to take control. As someone who is a bit math adverse, I needed that person in my corner to help me overcome and really face some of the issues I had been avoiding," said Katherine.

"I was on a road to getting into real strife. But now, the way I look at my finances, the support I feel, and my whole life – it just feels on track. They listened and were there with me to turn things around. And I am just so grateful."