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Our purpose at Commonwealth Bank is to improve the financial wellbeing of our customers and communities.
Decades of research suggests that money decisions and achieving financial wellbeing is difficult for humans. It also tells us that behaviours are important to outcomes, and may vary with seemingly irrelevant factors. By using behavioural science to better understand why and how people make financial decisions, and what works, we aim to make financial wellbeing easier to achieve.
To accelerate our progress, we have entered into strategic partnerships with worldwide research institutions, as well as working with community groups, experts in economic and social studies, and policy makers to better understand Australia’s most pressing financial challenges.
A vital step to achieving our purpose is defining and measuring financial wellbeing so that we can work to improve it in meaningful ways. We have worked with the Melbourne Institute: Applied Economic & Social Research to develop a reliable and consistent definition and measure of financial wellbeing.
We define people’s financial wellbeing as the extent to which people both perceive and have: Financial outcomes in which they meet their financial obligations; Financial freedom to make choices that allow them to enjoy life; Control of their finances; and Financial security – now, in the future, and under possible adverse circumstances.
Often to simplify communication, we will refer to the financial wellbeing components in colloquial terms as:
The information provided comprises the Commonwealth Bank of Australia and its academic partners’ view and findings, and is of a general nature only. The information is available for use by others, however we ask that you cite the initial research publications. In sharing our research findings and insights, we invite others to do the same.
The Commonwealth Bank of Australia and its academic partners shall not be liable for any errors or omissions, misinterpretation or misuse of the material provided. All information is provided “as is”, with no guarantee for completeness, accuracy or currency. It does not take into account your objectives, financial situation or needs, and does not constitute financial advice.
