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Financial wellbeing and older Australians grants

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Ecstra Foundation announces funding to eight organisations across Australia working to support the financial wellbeing of older Australians.

With a total grant pool of $1,000,000, the Financial Wellbeing and Ageing Well Grants focus on pragmatic, practical assistance and resources that engage older consumers, to help them navigate financial decisions during this life stage and to build economic resilience.

A diverse range of projects include addressing elder economic abuse in multicultural communities, digital tools to help navigate aged care and health services complexities, financial coaching for older women seeking employment and targeted financial education resources through the mens’ shed network.

“Ecstra is backing brilliant organisations who work directly with, and on behalf of older consumers. Our grantees understand the challenges older Australians are facing, many of which are exacerbated by the pandemic and economic uncertainty. Older Australians have many financial decisions to make about work, retirement, care options and their future financial security,” says Caroline Stewart, CEO of Ecstra Foundation.

Council on the Ageing (COTA) Australia is the national peak body for older Australians, and the Ecstra grant will support their Fase3 prototype project.

“We know that asking the right questions and receiving key information as people start their aged care journey results in qualitatively better experiences of aged care. Providing early access to supports can fundamentally improve the roadmap different people follow. COVID-19 has seen more older Australians and their families access new online processes. This support by Ecstra will enable COTA to work with external parties to develop a prototype to support tailored aged care journeys,” says Ian Yates, Chief Executive of COTA Australia.

Australian Multicultural Community Services (AMCS) will utilise their grant to address emerging issues of elder economic abuse, including training staff to understand and identify financial abuse, and client referrals to information and support services. They will also develop multilingual resources for seniors, and offer knowledge-sharing workshops with groups from a wide range of cultural backgrounds.

“Identifying and preventing financial abuse is an important issue, particularly for older Australians from multicultural backgrounds. AMCS aims to make this information accessible across the many cultures and community groups within Victoria. We know that there are many key decisions to be made at this stage of life, and while family members are often trusted to help navigate complex finance service systems and communicate on financial matters, seniors may need independent advice and information to prevent abuse,” says Elizabeth Drozd, CEO of Australian Multicultural Community Services.

Grants have been awarded to Australian Multicultural Community Services Inc (AMCS), Council on the Ageing (COTA) Australia, Good Shepherd ANZ/Fitted for Work, Griffith University, Northern Suburbs Community Legal Centre, Nyora Men’s Shed, Fund Holders for the Gippsland Cluster of Men’s Sheds, University of South Australia and University of Sydney.

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