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Building financial
capability

Rose-Ann and Georgia
Saver Plus has helped Rose-Ann and Georgia improve their money management skills.

Building financial capability

Many people in the communities we serve face difficulties in accessing basic banking services or are not confident in planning or managing their finances. Strengthening and improving the financial capability and inclusion of the unbanked and under-banked in our communities is therefore an important focus for our business.

In Australia, our commitment and investment has helped us to create innovative and highly effective programs that are improving the financial capability of people on low incomes and from disadvantaged groups including women, Indigenous communities, people with disabilities and migrants.

We are now adapting our successful programs such as moneyminded for other cultures and communities and applying innovations in mobile banking to promote financial inclusion elsewhere across the Asia Pacific region.

NEW FUNDING TO EXTEND SAVER PLUS

Up to 20,000 Australians will receive much needed financial support and education, thanks to new Australian Government funding, which will extend the reach of Saver Plus, our flagship matched savings and financial capability program.

In May, the Federal Government announced funding of $26.5m over four years for Saver Plus delivery in more than 60 sites nationally. ANZ has a continued commitment of $13.5m over the same period.

Saver Plus was developed by the Brotherhood of St Laurence (BSL) and ANZ in 2002, creating Australia’s first matched savings and financial education program to help people on low incomes build a lasting savings habit. The program is delivered in partnership with a number of community organisations.

Participants set a savings goal and receive financial education over a 10 month period. Once they reach their savings goal, ANZ matches their savings dollar for dollar up to $500.

This year, two new pieces of research conducted by RMIT University (Evaluation of Saver Plus Past Participants) and BSL (Many Faces of Saving: The Social Dimensions of Saver Plus) have further demonstrated the important role Saver Plus plays in building the financial capability of people on low incomes.

In particular, the RMIT research has shown that:

  • 87% of past Saver Plus participants continue to save at the same rate or more, three years after completing the program
  • 84% of participants encouraged other family members to save
  • Saver Plus is helping people on lower incomes to overcome the barriers to saving.

While the lasting impact Saver Plus has on participants’ savings habits has long been evident in research results, now evidence is starting to emerge of the significant long-term impacts that Saver Plus is having not only on past participants, but on the rest of their family, creating a ‘halo’ effect and extending the reach and impact of the program.

“The ANZ’s financial inclusion programs are forging new and highly effective approaches to assisting struggling Australians to participate in the mainstream economic and social life of our nation.”

Tony Nicholson,
Executive Director,
Brotherhood of
St Laurence

Tony Nicholson, Executive Director, Brotherhood of St Laurence

 

 

HOW SAVER PLUS WORKS

“Saver Plus has helped me to feel more in control of my finances and I recommend the program to family and friends all the time. In fact, my daughter Georgia has enrolled in Saver Plus to help her build budgeting and saving skills in preparation for moving out of home next year. Georgia says she feels like a weight has been lifted now that she has improved her money-management skills and has proven to herself that she can save money,” Rose-Ann, Saver Plus participant.

 

Participant icon

Participant

  • Over 12,000 participants since 2003.
  • 86% are women.

 

Agreement icon

Agreement

Meets with a Saver Plus worker from partner community organisation. Makes agreement to save an amount of money over a 10-month period.

Save icon

Save

Opens an ANZ savings account and makes regular deposits.

Education icon

Education

Attends financial sessions developed by ANZ and receives support and encouragement from a Saver Plus worker when required.

Matching icon

Matching

Reaches savings goal. ANZ matches savings dollar-fordollar up to $500. Money used for their children’s or own education expenses.

Outcomes icon

Outcomes

  • 87% continue to save the same amount or more up to three years after program completion.
  • 84% were able to encourage other family members to save.

 

 

 

EMPOWERING PEOPLE TO MANAGE MONEY

Following the success of MoneyMinded and MoneyBusiness in Australia, we are now working with governments and community organisations to adapt the program for financial education use across the Asia Pacific region.

We developed MoneyMinded in consultation with the community sector, educators and government with the goal of improving people’s confidence in managing money effectively. The program includes high-quality resources and training for financial counsellors and community workers to assist their clients in building basic budgeting, saving and money management skills.

In Australia, MoneyMinded is now the most widely used financial literacy program, having reached more than 160,000 people.

MoneyBusiness was adapted from MoneyMinded for delivery in Indigenous communities in partnership with the Australian Government. Over 330 facilitators have been trained to deliver the program in more than 215 locations since 2009.

MoneyMinded and MoneyBusiness were the first, and are currently the only, financial literacy programs officially endorsed as ‘Approved Money Management Courses’ for use by government-funded organisations across Australia.

 

Moneyminded Hong Kong

We are partnering with Save the Children in Hong Kong to pilot a MoneyMinded program aimed at disadvantaged children and teenagers.

The adapted program aims to help 'at risk' children learn vital money management skills. Ten MoneyMinded facilitators have received training and will conduct the pilot.

 

Moneyminded Pacific

Following a successful staff pilot last year involving 2,000 staff across 11 Pacific countries, we have begun piloting MoneyMinded to communities in four Pacific countries – American Samoa, Fiji, PNG and the Cook Islands.

Each country pilot group has 150 people, representing a cross section of people from the community, including ANZ customers. The pilot program has been very well received. More than 90% of participants surveyed before and after the program reported an increase in their level of understanding and their financial skills after completing the training.

The program will now be expanded further following the appointment of 33 MoneyMinded facilitators and four lead facilitators, who will train community partners and ANZ staff to deliver the program.

 

Moneyminded New Zealand

We continue to work with the Ngāi Tahu community in New Zealand to adapt MoneyMinded for iwi (tribes) culture and experiences.

This follows our support in 2010 of the ANZ Ngāi Tahu Financial Knowledge Survey, which established an important benchmark to support efforts to grow financial literacy of all iwi in New Zealand.

KEY GOALS WE SET OUT TO ACHIEVE IN 2011

KEY GOALS WE SET OUT TO ACHIEVE IN 2011

PERFORMANCE

Reach an additional 30,000 people from low-income and disadvantaged backgrounds with our MoneyMinded financial capability program, adapted where appropriate for local cultures and contexts.

 Achieved or on track to achieve

Work with our community partners and the Australian Government to enrol 7,600 people in our Saver Plus program over two years.

 Achieved or on track to achieve

Work with the Brotherhood of St Laurence to write 1,000 new Progress Loans over two years using funding from the Australian Government to pilot new approaches to support long-term financial and social sustainability.

 Achieved or on track to achieve

Implement targeted initiatives that respond to our Financial Knowledge Survey of the Ngāi Tahu Māori community in New Zealand.

 Achieved or on track to achieve

Conduct and publicly release our latest benchmark research into adult financial literacy in Australia.

 Achieved or on track to achieve
  • Achieved or on track to achieve
  • Partially achieved or in progress
  • Did not achieve

For full commentary on progress against targets for 2011, and to view our key goals in 2012 visit: anz.com/cr-targets