Creating a FIAP is a deliberate exercise that initially focuses on a ‘self assessment’ of the actions an organisation already undertakes in the space of financial wellbeing. It then moves toward possible future actions to further support the financial wellbeing of its customers, employees, contractors or suppliers, or the broader community.
To ensure a commitment from leadership, and a whole of organisation approach to developing a FIAP, it can take time to coordinate the right people in the right roles to be involved. Given this, FIAP development can take 4-12 months. For organisations committing to a place-based FIAP, the timeframe is approximately 4-7 months.