In a nutshell, it describes a collaborative approach to achieve big goals and tackle complicated problems.
Most problems in the social sector – including financial capability – are complex, with many factors contributing to success (or failure).
Large-scale social change requires cross-sector collaboration; it is beyond the scope of any single programme or organisation. The approach of collective impact is placed in contrast to “isolated impact,” where organisations primarily work alone to solve social problems.
The collective impact framework asks organisations to actively integrate their actions and share lessons learned. Over time this gets easier as the benefits become evident. Everyone works toward the same goal and measures the same things – common goals and shared measurement approaches anchor all efforts.
The way forward for our National Strategy is in enabling communities across Aotearoa to develop financial capability. The Commission will provide support and resources, but the true strength of this approach lies in involving a variety of partners that have the ability to drive real change.
Improving the financial wellbeing of individuals also boosts the prosperity of the wider community, and in turn ties in to sustained economic growth.
Everyone has a role to play. And thanks to collective impact, no individual group has to do it all.