UTS joins Financial Inclusion Action Plan program to improve student financial wellbeing
In line with our commitment to social justice and the prosperity of local and global communities, UTS has adopted a Financial Inclusion Action Plan (FIAP).
Recognising the impact of rising living costs on students, the university acknowledges the need for deliberate and holistic approaches to social justice. Through the plan, UTS will endeavour to enhance the financial wellbeing of our student community, remove financial barriers for students, and achieve greater overall social impact.
Students facing financial barriers
"Financial stress and hardship can have a pervasive and negative impact on the access, participation, retention, and success of students. Without intervention, we could see financial exclusion increasing barriers to education and reducing the diversity of our student cohort," said Sarah Ellis, Program Manager Student Equity at the UTS Centre for Social Justice & Inclusion.
"The cost of living crisis, inflation, and the steep rise in rental prices are increasing the financial vulnerability of students. A whole of institution FIAP will allow us to better respond to the risks and triggers of financial exclusion."
While students from all backgrounds, both domestic and international, face these challenges, those from vulnerable and low socioeconomic backgrounds are particularly at risk of financial exclusion.
How does a Financial Inclusion Action Plan help?
A FIAP is an organisational commitment to implement actions that improve the financial wellbeing of stakeholders through a national framework, led by Good Shepherd Australia New Zealand on behalf of the Australian Government.
The Australian Universities Accord Interim Report calls for action on “reducing the cost-of-living barriers to higher education through improved income support measures and more opportunities for part-time study.”
“The UTS Financial Inclusion Action Plan is a starting point to mitigate financial hardship affecting students’ education. To address student poverty, a national review of financial support for students is critical to meet the bold targets set by the Accord,” said Sonal Singh, Executive Manager, Student Access and Equity at the UTS Centre for Social Justice & Inclusion.
The program will identify potential future actions to support financial inclusion, resilience, and wellbeing, as well as open up opportunities to collaborate with and learn from leading entities across diverse sectors.
The first step for UTS is signing the FIAP Statement of Commitment. In the coming year, UTS will proceed with developing the plan itself, which will address key action areas.
The identified action areas for UTS encompass various strategies to support student financial wellbeing, including:
- understanding financial vulnerability within our community, and how we can best support students facing financial vulnerability
- increasing access to programs and services that provide financial assistance and crisis support
- enhancing the financial literacy and capabilities of our students
- enhancing economic security by developing student capacity to gain meaningful employment and contribute to their communities
"The development of our Financial Inclusion Action Plan will be heavily consultative – bringing in the voices of UTS's diverse student and staff communities through working groups and input sessions," said Sarah.
"The Financial Inclusion Action Plan will operate alongside our Widening Participation Strategy to ensure we continue making positive change in removing financial barriers to education."
