Davidson Institute Commits to NFP Research

The Westpac Davidson Institute has made a three-year commitment to fund research by QUT Business School’s Australian Centre for Philanthropy and Nonprofit Studies on the financial literacy of Not for Profit board members.

The Davidson Institute’s commitment is worth $60,000 over three years for the research that will start in 2014. It will examine director financial literacy and director selection processes with a focus on the barriers that prevent increased diversity on governance boards.

The Davidson Institute Chief Executive Officer Matthew Muller said the Davidson Institute was committed to providing financial education that would make a real difference in helping Australians achieve their financial goals.

“We do this by providing education that is accessible, easy to follow and practical,” he said.

“A key outcome for this project is to ensure actionable tools and insights that will provide the NFP community with the ability to self assess and improve their financial literacy. This will increase the financial capability not only of the boards, but those who serve on them.

“We’re helping to educate a more financially confident and successful Australia.”

Muller said there were three key areas why the Institute decided to fund the project.

“Firstly, the aim of the project aligns perfectly with our own purpose of helping education a more financially confident and successful Australia,” he said.

“Secondly, the quality of the team at the ACPNS (QUT) led by Professor Myles McGregor-Lowndes

“And thirdly, the project supplements existing work and guides we have produced, including: Guide for community treasurers; Guide for community board members; Guide for investing money.”

Muller said he hoped the project would come up with assessment tools for boards to understand their current levels of financial acumen and competency.

He also hoped for resources to assist boards build their competency to minimums standards.

“Building upon our current suite of guides and tools to community and Not For Profit organisations to enable them to prosper and grow as we believe a healthy Social Sector leads to both a healthy society and economy,” he said.  

Muller said the  Davidson Institute believed the ability to make confident financial decisions was an essential step to enable individuals, businesses and organisations achieve financial wellbeing.

“We believe that Australia’s future depends on the financial literacy of its communities, businesses and individuals,” he said.

“Financial education provides the awareness, knowledge and skills to build capability,  empowering people to take charge and make sound financial decisions.

“We believe that every Australian should have access to the financial literacy they need to achieve their financial goals and build a strong financial future.”

About The Davidson Institute: It is Australia's First School of Money, backed by Westpac Banking Corporation. It provides an extensive range of financial education, from free seminars to facilitated sessions on Cash Flow to Superannuation, and accredited courses in finance.

For more information visit www.davidsoninstitute.edu.au for a number of useful articles. Short courses are also available.

Westpac Social Sector Banking provides a customised range of banking solutions to suit Not for Profit organisations, charities, associations as well as single-interest and community groups.

For more information on Westpac Social Sector Banking, visit www.westpac.com.au/socialsectorbanking