Social return on investment report kickstarts campaign to build new village for older Victorians in need

Old Colonists’ Association of Victoria today launched a Social Return on Investment Evaluation showing every dollar invested in OCAV creates over $7.41 of value for residents, the community and the Federal and State Governments.

Living Communities Age Well shows that an annual investment of $14.7 million by OCAV to provide housing and care creates additional net value of $109 million for residents, the community and governments.

The independent report will be used to kickstart a campaign to build additional community-style villages for older Victorians in need – whether it is homelessness, financial, social or health.

Findings from the report show:
·      OCAV residents experienced almost $60 million of social value. Most of the value is created from peace of mind and dignity, as well as improved family relationships, relief that arrangements are in place for housing and future care.

·      Family members experienced over $32 million of social value, which is created throughimproved family relationships and avoidance of physical and emotional demands.

·      The Victorian Government experiences $1.6 million of social value through avoided public housing and health costs.

·      The Australian Government experiences $9 million of social value each year due to reduced health care costs, avoided entry into government subsidised aged care and reduced age pension payments.

OCAV CEO Phillip Wohlers said “The results are impressive as they demonstrate that our approach to safe housing and care contributes to older Victorians in need being able to rebuild their lives and move forward to age well.”

OCAV tackles three significant challenges facing Australia today: homelessness of older people and especially older women, housing affordability and aged care. Last year 53% of OCAV residents were either homeless or vulnerably housed before coming to one of its four villages and 79% were women on their own. The association has a list of over 1,000 Victorians who wait for up to seven years to enter one of the villages.

The association was founded in 1869 with a gift of land from the government and donations from Melbourne’s founding families and other philanthropists to create a village in Fitzroy North for older Victorians.

“We will be seeking support from government, the corporate and philanthropic sectors to join with us to continue this legacy and using our model of affordable housing and continuum of care which has proven effective and sustainable over the past 150 years,” he added.

Living Communities Age Well was commissioned by OCAV and conducted by Think Impact who consulted with a broad group of stakeholders, including residents, volunteers, family members, and industry sector leaders.

About Old Colonists’ Association of Victoria
The Old Colonists’ Association of Victoria is a leading not-for-profit retirement village provider offering a continuum of care from independent living, assisted living and aged care in Victoria. Our Vision 2020draws on OCAV’s proven track record in developing practical and effective solutions, whether it is affordable housing, co-designed programs with its residents, or research into new ways of providing support.

Media inquiries and to interview Phillip Wohlers, please contact Penny Underwood on (03) 9818 8540 or 040 99 252 99.