On the Financial Stress Experienced by Victorians

Financial stress is something that a lot of individuals are going through right now. With all the stress that started last year when the pandemic began – the restrictions and all, it is safe to say that people are faced with uncertainties. It is a good thing that currently, the economy of Australia is stabilizing and industries have opened. However, there’s still some worry about whether things will continue to get better in the next few months.

Jobkeeper Scheme

Financial stress is caused by a variety of factors, not just the restrictions. Losing a job is one thing. Another is being unable to find work full-time, thus not being able to pay bills. The cost of living continues to increase, which would challenge anyone’s bank account.

The Andrews Labor Government has announced an expansion of the Good Money Program which was designed to provide no-interest loans and financial advice for Victorians going through financial stress. Loan sharks and other lenders tend to become such nightmares among individuals, so should be a good way to give options.

On May 14th, Minister for Disability, Ageing and Carers Luke Donnellan announced the Victorian Budget 2021/2022 investment of $14.6 million in Good Money hubs, which also includes phone-based and digital services expansion. The Good Money program was brought by the partnership between the government, Good Shepherd Australia New Zealand, and National Australia Bank. The expansion of this program in terms of phone and digital services would allow Victorians to access it from anywhere in the country. This should make everything much easier.

Aside from low-interest and no-interest loans, low-cost insurance and advice of budgeting are also given to Victorians who are seeking support regarding this matter. Well-being initiatives such as those bushfire-affected communities will also be given support with the help of the Good Money Program. The program also specifically delivers through three community finance stores such as Collingwood, Dandenong, Morwell, and Geelong.

Luke Donnellan adds, as the country recovers from the effects of the pandemic as well as the bushfires, the Good Money program is necessary in order to help more Victorians receive safe and fair support. In the next new several months, there will be more information regarding the program but right now, the services that will be provided will be strengthened.

In addition, the Andrews Labor Government is stimulating investment in towns and cities across the state. This is by helping local councils with the planning as well as the delivery of residential lands. Speeding up this investment will make wonders for the economy, for sure.

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