International Expert Challenges Australia On Financial Inclusion For Vulnerable People

Embargoed until 8am Thursday 19 August 2010

International Expert Challenges Australia on Financial Inclusion for Vulnerable People

Event: Financial Inclusion Summit
When: 9am 2pm, Thursday 19 August 2010
Where: Charcoal Lane, 136 Gertrude St, Fitzroy

On Thursday 19 August international financial inclusion expert Professor Elaine Kempson CBE will address invited guests at the first Financial Inclusion Summit which aims to highlight the situation for disadvantaged Australians in relation to banking and credit services, and the agenda for financial inclusion.

Many disadvantaged Australians do not have access to fair and affordable credit and financial services which means they have difficulty getting ahead or coping with bad times. This Summit will discuss what an effective Australian financial inclusion agenda looks like, including:

* effective access to financial services, including affordable credit and insurance
* the opportunity to save and acquire assets, such as cars and homes
* financial literacy to enable disadvantaged people to manage their money, make better financial decisions, enforce their legal rights and obtain their full financial entitlements.

The Summit hosted by the Brotherhood of St Laurence, ANZ, and RMIT University, will facilitate a discussion about the development of Australia's national financial inclusion agenda - an important step in ensuring that disadvantaged people are given every chance to build financial capability and prosperity for themselves and their families. The three organisations, along with other community and government partners, have worked together on several financial inclusion initiatives, including Saver Plus, since 2003.

Saver Plus is Australia's longest-running matched saving program, and is an initiative of the Brotherhood of St Laurence and ANZ. The program is delivered in partnership with The Smith Family, The Benevolent Society, Berry Street and a range of other community agencies. For more information see www.anz.com/saverplus or www.bsl.org.au/saver-plus.aspx

Keynote speakers:

The Hon. Chris Bowen MP
Chris Bowen was elected to the Federal Parliament as Member for Prospect in October 2004.Since then Chris has been Deputy Chair of the House of Representatives Standing Committee on Economics, Finance and Public Administration. In June 2009, Chris was appointed to Cabinet as Minister for Human Services. He also serves as Minister for Financial Services, Superannuation and Corporate Law.

Professor Elaine Kempson CBE
Professor Kempson is a leading advisor to the OECD on financial inclusion with extensive publications in the areas of over-indebtedness, banking, credit and mortgages, saving and investments from the consumer perspective. In the UK she is working with banking, credit and insurance services, to support the inclusion of financially disadvantaged people, and this has resulted in a halving of the number of people in the UK who do not have bank accounts. Professor Kempson coined the phrase 'financial inclusion' which recognises that low-income people are often excluded from many of the tools used by others to make their lives easier.

Professor Kempson will present her work on the United Kingdom's vision for Financial Inclusion which brings together banking and insurance providers, with those marginalized from financial services.

To attend the Summit or arrange an interview with Professor Kempson email [email protected]
or call (0424) 751 920

Media contact:
Johanna de Wever
0424 751 920
www.bsl.org.au

SOURCE: Brotherhood of St Laurence, ANZ & RMIT