Expanding MoneyMinded

We are committed to making a significant contribution to the economic development and wellbeing of the communities we serve through building financial literacy and inclusion.

This remains the overwhelming focus of our community investment activities. It aligns with our purpose as a bank and we have built notable expertise, working with governments, community partners and experts to develop our approaches. MoneyMinded is our flagship program.

We developed our MoneyMinded program in Australia in consultation with the community sector, educators and government with the goal of improving people’s confidence in managing money effectively. In support of our super regional strategy, MoneyMinded has been adapted for use across our Region. The program is now delivered in 13 countries and in 2012 we ran new pilots in India, Indonesia, Solomon Islands, Timor Leste, Vietnam, Kiribati, Vanuatu and New Zealand.

In New Zealand, we are partnering with the Solomon Group in South Auckland to pilot MoneyMinded. Eleven Solomon Group staff received accreditation as MoneyMinded facilitators in 2012 and 70 clients have already completed the pilot program.

In Indonesia we are delivering MoneyMinded by partnering with Yayasan Cinta Anak Bangsa (YCAB). Working closely with YCAB, a not-for-profit organisation that provides micro loans to women in underdeveloped areas, we help the organisation to deliver MoneyMinded training to their clients. As a pilot project in 2012, we trained 150 YCAB clients.

RMIT University evaluated the impacts of MoneyMinded on participants who have completed the program in Fiji and Papua New Guinea. Key findings are:

• 74% increased their monthly savings deposits and nearly all (97%) reported a greater capacity to make ends meet
• 91% encouraged their children and family members to save
• participants feeling completely satisfied with life increased 51%.

More than 200,000 people have participated in MoneyMinded and more than 6,000 facilitators have been trained to deliver the program internationally since 2005, but there is still much to be done. Working with our partners, we aim to reach a further 200,000 people over the next five years.

MoneySmart Week

We partnered with businesses, community organisations and government in Australia’s inaugural MoneySmart Week, a national not-for-profit initiative aimed at promoting the importance of financial literacy and raising awareness of programs and support available.

We encourage our staff and customers to ‘be money smart’ by providing seminars on money management and promoting the use of the free online Money Health Check tool via our branch network and website.

Our approach to advancing financial literacy in Australia has been recognised with ‘Outstanding’ MoneySmart Week Awards, for Research and Community, two of the four award categories.

The ANZ Survey of Adult Financial Literacy in Australia is conducted every three years. The Survey identifies groups with low levels of financial literacy and provides insight into the attitudes and behaviours which determine how a person perceives and manages their finances. It is the only Australian survey of its kind, and assists policy makers, community organisations and other companies to develop targeted programs to lift financial literacy levels.

At the most recent Survey launch, Peter Kell, ASIC Commissioner said, “ASIC welcomes ANZ’s long-term commitment to financial literacy and to this national survey. OECD research tells us that this survey is the most frequently repeated long running national financial literacy survey in the world. The longevity of this survey is vital, as it helps us to track progress in improving the financial skills, knowledge and behaviour of Australians. The survey also helps ASIC to better target and focus our financial literacy efforts.”

Saver Plus is ANZ’s financial education and matched savings program developed with the Brotherhood of St Laurence (BSL) and delivered by BSL, Berry Street, The Benevolent Society, The Smith Family and other local community organisations. Since 2003, it has assisted around 14,000
Australians to develop a savings habit. A further 10,000 Australians are expected to participate in Saver Plus between 2012 and 2014.

More than 87% of Saver Plus participants have developed a savings habit, continuing to save at the same rate, or more, for up to three years after completion.