Wagestream is the first earned wage access provider to join Financial Inclusion Action Plan

The Financial Inclusion Action Plan (FIAP) program, led by Good Shepherd Australia and New Zealand, the Centre for Social Impact and EY, will enable Wagestream to work with other like-minded organisations to improve financial inclusion, financial resilience and ultimately, the financial wellbeing of Australians.

Wagestream Australia’s CEO Josh Vernon said: “At Wagestream, we’re committed to improving financial outcomes for thousands of employees. Joining FIAP and developing on our Financial Inclusion Action Plan will give us accountability and a robust framework with which to measure our actions.”

“Wagestream exists to create a future where people feel and are in control of the money they earn, rewarded for what they do and empowered to secure their financial goals.”

What will this mean?

Wagestream’s FIAP focuses on improving products and services, building financial capability, understanding financial vulnerability and strengthening economic security. It includes actions to:

• Develop products and services that meet the needs of vulnerable groups and directly influence financial inclusion and resilience.
• Foster an organisational cultural that enhances financial inclusion and financial wellbeing, and works to improve internal capabilities, attitudes and behaviours to better service vulnerable groups.
• Create initiatives to increase awareness and understanding of financial vulnerability, including an understanding of cultural values, diversity, life events, economic disadvantage and associated barriers that can hinder financial inclusion and resilience of vulnerable groups and individuals.
• Take steps to encourage meaningful economic participation through employment conditions and improving the economic status of vulnerable groups.

What’s next?

Wagestream has started to develop its FIAP, which will focus on transaction analysis, financial wellbeing measurement and product development to further understand financial vulnerability and support financial capability.

We look forward to announcing our FIAP and making a measurable difference to the employees who use our app, to the businesses that employ them and to the communities they are part of.

You can see what we've measured so far in our latest Impact Assessment.