WA’s P&N Bank has teamed up with Vinnies WA to help customers tackle financial stress and boost financial wellness.
As well as boosting support for the WA community in general, the new program partnership will see P&N customers have exclusive access to a financial coaching service through Vinnies WA, which provides independent financial education by qualified professionals for people in financial difficulty.
Financial Capability Coaches will help P&N customers review their current financial situation, set objectives, reduce stress, and develop a plan to achieve their money goals. Customers will also have access to group financial wellbeing workshops, which include mental health content delivered by Lifeline WA.
P&N Bank’s support will also enable Vinnies WA to provide an additional part-time financial counsellor in their existing team to help the WA community.
Conversations are confidential and can be in person, over the phone or online.
Demand for the financial counselling service has soared in the last 12 months with Vinnies WA supporting more than 4,120 West Australians, offering over 35,600 sessions in person and on the phone, and managing to waive almost $3 million of debt.
Since the partnership launched in January, 76 West Australians have participated in the P&N-funded financial coaching and counselling programs with Vinnies conducting a total of 769 sessions so far. The top two assistance requests have been for budgeting advice and negotiating with essential service providers.
P&N Bank General Manager, Angela Newland said “With cost of living at the forefront of everyone’s mind, providing financial support for our customers as well as the wider WA community is just one of the ways we’re helping to remove barriers and make accessing financial services easier.”
“P&N Bank genuinely care about the financial wellness of the entire WA community and are pleased to empower and support those in need via our new Vinnies WA partnership,” Ms Newland added.
“We are delighted to also provide another layer of support for our customers who may need help with their money, while at the same time helping Vinnies to assist more West Australians via their financial counselling service.
“We are striving to create an inclusive banking and financial experience for all, as everyone deserves to be able to access banking services - no matter your background.
“We know that understanding basic money principles and being able to put them into practice is a simple and important way for our customers to get ahead.
“The opportunity for our customers to access Vinnies WA Financial Coaching will sit alongside our other financial capability tools, including Your Financial Wellness and our budgeting tool mymo, as we enable customers to build the financial future they want to achieve.”
Andrew York, Executive Manager, Community Engagement Services, Vinnies WA said the rising cost of living is placing immense pressure on WA families struggling to make ends meet.
“In our Emergency Assistance and Support program and our Financial Counselling services we are seeing an increase in demand, with up to 350 calls a day for emergency assistance from across WA.”
“People are finding it incredibly hard to keep food on the table and a roof over their head, with many finding themselves on the edge of losing their home. The slide into homelessness can come suddenly - in the form of an increase in rent, the loss of a job or a family breakdown. Equipping vulnerable people with the skills to manage these financial pressures is one of Vinnies’ most critical tasks.
“We are grateful to team up with P&N Bank to provide their customers who have experienced financial difficulty with the skills and tools to deal with financial pressures they may encounter. It’s an important way of ensuring customers can navigate these difficult times with confidence.”
Vinnies WA’s Financial Coaching Services will offer P&N Bank customers:
- financial literacy education
- budgeting support
- support around saving
- information basic bank accounts and the banking system
- the skills to access government services, utility or telco hardship programs
- information about consumer rights
- referral to financial counselling or other community services.