Why are we hacking Financial Inclusion?
Financial inclusion improves financial capacity, capability, health and social well being, which in turn results in an individual’s ability to generate income, budget and manage finances allowing for an improved quality of life.
Economic modelling by Strategic Project Partners shows that if 7% of Australians who are not financially included become included, it would lead to a reduction in government spending of $2.6 billion. Financial exclusion typically impacts individuals who are:
- Indigenous Australians
- Sole parents
- Victims of domestic violence
- Mentally ill
- From culturally and linguistically diverse backgrounds.
How can you get involved?
We are looking for a range of participants:
- Socially-aware businesses: Companies that understand the importance of a “social compact” can bring resources to support hackathon challenges, including expertise, data and financial support
- Governments and agencies: Deep understanding of the policy levers available can help participants create sustainable solutions
- Individuals: We believe in the power of co-design and will actively engage individuals with the lived experiences of Financial Exclusion in the development of the hackathon
- Social, creative and tech entrepreneurs: We need to rethink the way that we tackle this challenge. This means tapping networks of those who are able to quickly imagine, create and prototype solutions to Financial Exclusion.