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Better financial futures

Helping customers to have a better relationship with money, for a better life.

Why is this important?

The concept of retirement is evolving as we live longer and post-work income streams are required to stretch further. At the same time, the gap between the richest and poorest in Australia and New Zealand has widened over the past 10 years, and is expected to widen further. Youth unemployment is rising and housing affordability is declining. In the Pacific Islands, many people still lack access to basic financial services.

That's why we are continuing to explore new paths of personal wealth creation, backing initiatives that are driving positive social change, and finding new ways to help people have more sustainable financial futures. After all, we believe Westpac can remain strong only if our economy and society remain strong and financially resilient.

Taking action

We are focusing on four key areas:

  • Advancing the nation through social change
  • Helping out in times of need
  • More inclusive banking and building financial capability
  • Investing in economic wellbeing and greater prosperity

Initiatives in action

Microfinance loans supporting entrepreneurs

Mervyn Pinto is one of more than 800 aspiring business owners who have been able to realise their dreams by accessing microfinance and support.

Find out more

Financial education turning debt to dreams

Adrienne Windley was one of around 60,300 people who undertook financial education programs offered by Westpac Group.

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Building resilience after natural disasters strike

Westpac's Natural Disaster Recovery Grants are helping communities rebuild following fires, floods and cyclones.

Find out more

Positive results for first social benefit bond

The Benevolent Society's Resilient Families program - funded via a $10 million Social Benefit Bond launched in partnership with Westpac and CBA - has delivered positive results.

Find out more

Our progress

How we are tracking against our measures:

Measure  2013  2014  2015  Target by 2017
Ensure all our customers have access to the right advice to achieve a secure retirement
Customer facing employees who hold externally recognised wealth accreditation in line with role requirements (number)1 - -  1,588 2,000
Help our customers meet their financial goals in retirement  
Westpac Group customers with Westpac Group superannuation (%)  7.4  8.1 8.1 10.0
Increase access to financial services in the Pacific 
Net Basic Banking Account customers (cumulative number) 147,392 225,260 292,374 300,000
Transactions undertaken using in-store facilities (number)2  - 379,971  391,843 650,000 
Mobile banking activations (cumulative numbers)2  - 11,875  58,660 173,000 
Help people gain access to social and affordable housing
Make up to $2bn available for lending and investment in the social and affordable housing sector by 2017 (bn) Mobile banking activations (cumulative numbers) 2 0.65 0.82 1.02 Up t

 

1. Reset in 2015 to reflect a more targeted set of roles requiring externally recognised wealth accreditation.
2. New measure introduced in 2015