Helping customers to build their financial capability 003-11020000

Financial capability is:

• defined as the capacity, based on a combination of financial knowledge, skills, attitudes and confidence, to make and exercise money management decisions which best fit the circumstances of one’s life
• an essential everyday life skill:
• it means being able to understand and navigate the financial landscape, manage money and financial risks effectively to avoid financial pitfalls
• being financially capable means people are able to make sound decisions about their money

Staff are responsible for identifying when people need support, and to provide information, tools and resources targeted to a customer’s personal circumstances. While it is important to support customers to build their financial capability, staff are not expected to be financial planners or counsellors.

Staff can refer a customer to the following supports for enhancing financial capability:

• Specialist staff including Financial Information Service (FIS), Aged Care Specialist Officers (ACSO) and Farm Household Case Officers (FHCO)
• Financial Counselling
• Manage Your Money website
• MoneySmart website

The agency offers a range of money management tools, which help customers to manage their income. Not all services are available to everyone:

• Centrepay
• Income Management
• enhanced Income Management
• Advance Payments
• Weekly Payments
• Financial hardship assessments
• Request for urgent processing of a new claim
• Child Support
• Aged care
• Urgent Payments
• Emergency Payments
• Flexible Debt Repayments
• Rent Deduction Scheme