Financial vulnerability through the life course

Life transitions and events that impact adversely on our finances can happen to any of us. Material and emotional support at times of financial vulnerability are essential to reduce the risk that predictable events, such as the transition into retirement, or more unpredictable events, such as job loss, become the source of financial hardship and cumulative or persistent forms of disadvantage. This research identifies some of the needs that financially vulnerable people in Australia are facing around the following four events or transitions: moving from school to work, being out of work, becoming a single mother, and retiring and ageing. It also identifies the strategies these people apply to deal with those needs. The information gathered also indicated that most participants experience lack of assets, poor access to fair and adequate mainstream credit, and difficulties in accessing financial information, which indicate their high risk of financial exclusion