Financial Counselling Victoria (FCVic) today launched its 2027-28 State Budget Submission and an Open Letter signed by community organisations across Victoria, calling on the Victorian Government to make financial counselling a priority investment in the next State Budget.
The submission seeks a four-year investment of $224 million to strengthen Victoria’s financial counselling system, double the financial counselling workforce and enable an additional 119,000 Victorians to access support before financial problems escalate into homelessness, family violence, poor health outcomes or long-term unemployment.
FCVic Chief Executive Officer Zyl Hovenga-Wauchope said demand for financial counselling continues to grow as Victorians face ongoing cost-of-living pressures, housing stress, debt and economic insecurity.
“Financial hardship is increasingly driving demand across housing, health, family violence, justice and community services. Financial counselling is one of the most effective early intervention responses available, helping people stabilise their finances before problems become crisis.”
Research cited in the submission shows financial counselling delivers an economic and social return of between $3.70 and $5.30 for every dollar invested, generating benefits across government portfolios through reduced demand on more expensive crisis services.
The Open Letter, signed by financial counselling agencies, community health services, legal centres and community organisations, calls on the Victorian Government to support financial counselling as essential early intervention, protect workforce sustainability and build a statewide system that reaches communities experiencing the highest levels of disadvantage.
“The choice facing government is simple: invest in prevention or pay for crisis. Financial counselling changes lives, keeps people housed, supports recovery from financial abuse and reduces pressure on other government-funded services.”
Media contact:
Amanda Chan
Advocacy Manager, Financial Counselling Victoria
