In the face of escalating financial stress across Victoria, the need for accessible, high-quality financial counselling has never been greater. However, FCVic hears regularly from financial counsellors and their agencies about demand pressures that threaten the sector’s sustainability. Increasingly complex casework, unmanageable wait times, and recruitment challenges all place a significant burden on the Victorian financial counselling workforce.

In responding to what we have heard from the sector, FCVic’s Strategy sets out a critical pathway to safeguard the future of financial counselling in Victoria. Supported by our Workforce Development Project’s findings, the Strategy addresses the current challenges that limit the financial counselling sector’s ability to grow, adapt and meet rising community demand.

The Strategy charts a clear path forward to ensure the Victorian financial counselling sector is equipped with a skilled and supported workforce, sustainable funding, and systemic support required to deliver impactful, integrated services.

The Strategy identifies six key pillars for change:

1. Recognising the value and impact of financial counselling
2. Growing and sustaining the workforce
3. Increasing integrated service delivery
4. Prioritising health, safety and wellbeing
5. Improving entry and creating progression pathways
6. Promoting diversity

This 10-year Strategy lays the groundwork for a more sustainable, diverse and agile sector that can continue to safeguard the financial wellbeing of Victorians now and into the future.

In support of this Strategy, we have developed evidence-based analysis on the costs and economic benefits of financial counselling in Victoria – and how investment in the financial counselling sector delivers enormous benefit to the community. Our economists found that in Victoria, each $1 spent on providing general financial counselling services generated an estimated $3.70 to $5.30 in benefits, and even higher for some specialist streams. The high social return on investment in financial counselling presents a strong case for funding, reflected in the Strategy’s pillars for change.

Another key element of the Strategy is prioritising the health, safety and wellbeing of workers. Through the Workforce Development Project, we developed a weighted, evidence-based caseload guideline for the financial counselling sector. These guidelines and supporting report establish clear, evidence-based findings on the number of cases a financial counsellor should appropriately manage. This practical resource supports our Strategy’s vision for a safe and healthy workforce that can sustainably meet the needs of people experiencing financial difficulty.

FCVic’s Strategy and supporting evidence demonstrate the profound value of financial counselling for people in the community and establishes a pathway to build on the strength of the profession in Victoria.

We call upon all stakeholders to work with us to fulfil this Strategy and collaboratively deliver a future in which all Victorians can access financial counselling services to secure sustainable financial outcomes.