March 26, 2024

Action plan aims to address cost of living impact on students and staff

UOW partners with Good Shepherd to improve financial literacy, resilience and wellbeing of students and staff

The University of Wollongong (UOW) has declared its commitment to the financial resilience and wellbeing of its students and staff by joining the Financial Inclusion Action Plan program.

An initiative of Good Shepherd Australia and New Zealand, the Financial Inclusion Action Plan, which was officially launched yesterday (Monday, 25 March), forms part of UOW’s commitment to recognising the impact of the rising costs of living, and to making a university education accessible to students from all sections of the community.

UOW Interim Deputy Vice-Chancellor and Vice-President (Academic and Student Life) Senior Professor Eileen McLaughlin said the University was acutely aware of the financial pressures facing students and staff.

^{Students take part in a workshop with Good Shepherd at UOW.}

“Cost of living is having an immense impact on students, many of whom are juggling the necessities of work with their studies, and often family obligations, just to make ends meet,” Professor McLaughlin said.

“Many of our students come from low socioeconomic backgrounds and do not have a financial safety net. We are committed to reducing the systemic barriers to full participation in higher education and embracing the richness of our diverse student and staff cohort.

“Staff, too, are feeling the burden of the cost-of-living crisis. As an institution, we want to do all we can to ensure that students and staff have all the tools they need to develop strong financial literacy and economic security and provide them with the support services to help in tough times.

“We know that higher education can be fundamental to breaking down economic barriers. The Financial Inclusion Action Plan will improve the financial inclusion of everyone at UOW and help to address the systemic economic issues that our students are facing. We are proud to join with Good Shepherd on this worthy initiative.”

^{UOW Deputy Vice-Chancellor (Academic and Student Life) Senior Professor Eileen McLaughlin and Roslyn Russell from Good Shepherd.}

The Financial Inclusion Action Plan takes strategic and meaningful action to improve the financial literacy and capabilities of students and staff, underpinned by a focus on equity, diversity, and inclusion.

The Plan has been co-designed with students and staff and will improve access to financial support and services; enhance financial literacy and capability; remove economic barriers; and have a positive social impact on the institution. It will take steps to address food insecurity, placement poverty and other financial challenges and increase the visibility of existing supports that are available across UOW.

The Financial Inclusion Action Plan forms part of the UOW Strategy for Equity, Diversity and Inclusion and Student Success. It also contributes to 12 of the 17 United Nations Sustainable Development Goals, of which UOW is a signatory, with the aim of reducing poverty and increasing economic growth through sustained partnerships.

Diverse working groups drawn from across the University contributed to the Financial Inclusion Action Plan, which will be implemented over the coming year.

^{Students take part in a workshop with Good Shepherd at UOW.}

Good Shepherd Australia New Zealand is a not-for-profit charity that supports women, girls and families. Its mission is to strive for dignity and social justice by collaborating globally and acting locally.

For more information about UOW’s commitment to the Financial Inclusion Action Plan program, visit: https://www.uow.edu.au/about/our-people/diversity-inclusion/financial-inclusion-action-plan/