As of 1 July 2023, the dealer group began operating under a “profit-for-purpose” model through its Spark Legacy Program, aiming to “improve financial literacy among young Australians”.
Spark Financial has now thrown its support behind ReachOut for the 2024–25 financial year to help young people improve their mental health and financial literacy during the current cost-of-living crisis.
Along with donations, the group will also be providing financial education sessions for staff at ReachOut, designed to provide information to help ease the high cost-of-living pressures.
Spark executive managing director Arthur Kallos said the partnership strengthens the group’s commitment to supporting young peoples’ mental health and financial literacy.
“Spark is pleased to be partnering with ReachOut in FY25 in support of youth mental health. Our organisation understands that the cost of living is having a major impact on the mental health of young people across Australia and so this cause is close to our hearts,” Kallos said.
ReachOut’s director of marketing and fundraising, Tracey Campbell, said the rising cost of living has a significant impact on young people’s mental health and the partnership with Spark will help them better support those in need.
“ReachOut is delighted to welcome Spark onboard as a new partner. Their support will help to ensure that ReachOut can continue to deliver vital mental health services to young people and their parents and carers across the country,” Campbell said.
“The cost of living is impacting young people when it comes to their mental health. Research by ReachOut found that seven out of 10 young people said that the cost of living had caused them stress in the past 12 months and the top concerns included paying bills, being unable to afford the future lifestyle they wanted and being in debt. ReachOut provides both wellbeing and practical support for young people when it comes to stress about the cost of living.
“No one is immune to the stress of the cost of living and so ReachOut staff are really looking forward to financial education sessions with the Spark team and drawing from their expertise in this area.”
Speaking at the launch of the new model in June 2023, Spark’s director and chief investment officer, Andrew Coloretti, said it would see the dealer group deliver on its core organisational ethos and values.
“The Spark Legacy Program is testament to the support of our executive, our advisers, and our partners who want to contribute to our society in a coordinated, structured manner,” Coloretti said.
“Transitioning a business model from for-profit to profit-for-purpose is no easy feat and not a decision the executive has taken lightly, but we’re proud to be changing direction in such a way.
“It has been a trying few years for many people, punctuated by COVID lockdowns and the resulting economic uncertainty. The opportunity to improve the financial wellbeing of young Australians, in particular, is one that has been embraced by our network.
“We are determined to stand for something and make a real, tangible difference to the lives of people who have a low level of financial literacy or little access to financial literacy education.”
