A landmark new research report has found Australia needs a more coordinated and integrated national approach to financial wellbeing, as people navigate increasingly complex financial lives.

‘Australia’s financial wellbeing: An integrated approach’, is authored by RMIT University and Wellbeing Research, and funded by Ecstra Foundation. It provides one of the most comprehensive reviews of contemporary financial wellbeing evidence to date, drawing together Australian and international research, expert interviews and cross-sector insights.

The report explores how major forces including technology, health and climate change are reshaping financial wellbeing, at a time when many Australians are also facing sustained pressure from higher living costs, housing stress and financial uncertainty.

Lead author Honorary Professor Roslyn Russell said the report shows financial wellbeing must be understood as a lived experience shaped by systems and circumstances across the life course.

“Australians are managing their finances in a world that looks very different to a decade ago. Digital technologies increasingly shape how we earn, spend, save, borrow and invest. Climate change is affecting household resilience and costs. Financial wellbeing and health are increasingly recognised as interconnected, impacting mental health, participation and quality of life.”

“Our research shows that financial wellbeing is not simply about individual choices or financial knowledge. It is a lived experience reflecting people’s security, freedom, and ability to make choices that allow them to enjoy their lives.”

“The evidence points to the need for an integrated approach, one that connects policy, regulation, education and practice, to support Australians at every stage of life,” added Professor Russell.

The report sets out a range of recommendations for action, from improving consumer protections and digital financial capability, to strengthening education, measurement, governance and cross-sector coordination.

At the centre is the need for a National Financial Wellbeing Strategy, supported by aligned financial capability and financial education strategies across the life course.

Ecstra Foundation CEO, Caroline Stewart, said the report makes an important contribution to the national conversation about financial wellbeing in Australia.

“This research reinforces what many people and organisations working in this field see every day, that financial wellbeing is about much more than individual money skills,” Ms Stewart said.

“Financial education is essential. But people also need fair systems, trusted information, strong consumer protections and accessible support to make informed decisions and navigate increasingly complex financial lives.”

Ms Stewart said the findings and recommendations highlight why stronger national coordination is needed.

“The evidence is clear. Australia has the expertise, the frameworks and sector goodwill to make meaningful progress.

"The opportunity now is to work with partners across government, industry, education, community and research on shared goals and practical actions that strengthen financial capability and wellbeing and contribute to the development of a National Financial Wellbeing Strategy."