Helping to build individual prosperity in our communities is a fundamental purpose of our business. We do this by providing simple, fair and affordable products and services, sound advice and support, and clear information so our customers can make informed and effective decisions about the management of their money.
A significant investment over a number of years has helped us to create innovative 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.
Successful programs such as Saver Plus and MoneyMinded are now being adapted for new cultures and contexts so that more people in our region can benefit.
| OUR Financial capability partners |
|---|
| Brotherhood of St Laurence |
| The Smith Family |
| The Benevolent Society |
| Berry Street |
| Mission Australia |
| Anglicare SA |
| Kildonan UnitingCare |
| First Nations Foundation |
| Te Rūnanga o Ngāi Tahu |
| Australian Government (Department of Families, Housing, Community Services and Indigenous Affairs, FaHCSIA) |
Saver Plus Helps More Communities
Alison, pictured with her son Kai, is a single mother and has joined the Saver Plus program to save for a laptop to support her children’s education.
"Saver Plus really made me think about my day-to-day spending, and realise how much money you can waste,” says Alison.
"My children knew I was saving for the laptop and I think that by having a goal and planning for it, I’m sure it will rub off on my children for their future."
A further 7,600 Australians are expected to participate in our Saver Plus matched savings and financial capability program over 2009–11, supported by a $13.5 million grant from the Australian Government.
This year, the program (developed in partnership with Brotherhood of St Laurence) expanded from 20 to 60 locations across Australia, and continues to help people from disadvantaged and low-income backgrounds to improve their financial skills, knowledge and confidence and save for their children’s or their own education expenses.
We work with a range of community partners who provide Saver Plus participants with financial education, personal coaching and support to help them reach their savings goal. Those who complete the program have their earned savings matched dollar-for-dollar up to $500 by ANZ. Over 86% of program participants are women.
Long-term research conducted by RMIT shows Saver Plus has a lasting impact on financial habits, overall confidence and economic and social inclusion of those involved.
- 96% of participants have successfully met or exceeded their savings goal.
- More than 70% have continued saving at the same rate or more, long after completing the program.
- More than 48% of participants who met or exceeded their saving goal decreased their level of debt during the program.
Expansion of the program includes a focus on communities identified by the Australian Government as more vulnerable to an economic downturn because of location, industry composition, demographic profile, skill mix and past economic performance.
How Saver Plus Works
PARTICIPANT
– Over 8,300 participants since 2003.
– 86% are women.
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
Opens an ANZ savings account and makes regular deposits.
EDUCATION
Attends financial sessions developed by ANZ and receives support and encouragement from Saver Plus worker when required.
MATCHING
Reaches savings goal. ANZ matches savings dollar-for-dollar up to $500. Money used for their children's or own education expenses.
OUTCOMES
– 70% continue to save same amount or more 2-3 years later.
– 96% successfully complete program.
Getting MoneyMinded
Our MoneyMinded financial education program is being adapted to increase its reach and impact among local cultures in Australia, New Zealand and the Pacific.
MoneyMinded is delivered by government and community partners and provides basic budgeting, savings and money management skills, empowering people to live within their means, increase their savings and assets, manage credit and debt, and plan for their future.
An adaption called MoneyBusiness has been created for Indigenous Australian communities and is now available in 167 communities in partnership with the Australian Government.
MoneyMinded Pacific has been introduced to more than 2,000 of our staff across 11 Pacific countries this year and there are plans to introduce a community based version of the program in 2011, in conjunction with local community partners. While in New Zealand, we are working with the Te Rūnanga o Ngāi Tahu and the South Island Máori community to tailor MoneyMinded for local indigenous culture and experiences.
Over 125,000 people have participated in MoneyMinded since it commenced, including 31,910 low-income Australians this year.
Participants come from a diverse range of backgrounds and life experiences, including sole parents, young people with disabilities, and migrants.
Progress Loans for Low-income Earners
We are developing new ways to deliver our small loans program to more Australians on low-incomes including using telephone and online sales and through selected branches.
Developed by ANZ and the Brotherhood of St Laurence (BSL), Progress Loans provide much needed access to small loans of between $500 and $5,000 for people who might normally have difficulty accessing credit from a mainstream bank.
The loans provide health care and pensioner concession card holders with affordable, fair and safe access to credit from a mainstream financial institution, thereby reducing the need for them to seek alternative financing, which can be high cost, unsafe and lead to unmanageable debt.
We are piloting the introduction of alternative, lower cost distribution channels designed to increase the reach of Progress Loans. Our goal is to achieve 1,000 new Progress Loans between 2009 and 2011 and we are on track to achieve this goal with almost 500 loans, worth $1.3 million, provided this year.
As part of the pilot, BSL Loans Officers will be seconded to selected ANZ branches to build awareness of Progress Loans among staff, assist with development of the best process for managing applications in the branch and to deliver loans to ANZ customers.
We will also trial an ANZ telesales service with a specially trained consultant dedicated to managing phone applications. BSL is also exploring opportunities to enhance community referrals through a community champions network.
Recognising the vital role Progress Loans play in helping people on low incomes to meet household expenses and reduce their vulnerability to unexpected events, the Australian Government has provided the partners with $1 million towards the pilot.
Key Goals We Set Out To Achieve In 2010
| KEY GOALS WE SET OUT TO ACHIEVE IN 2010 | PERFORMANCE |
|---|---|
| Work with our community partners and the Australian Government to enrol 7,600 people in our Saver Plus program over two years. |
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| Reach an additional 30,000 low-income and disadvantaged people with our MoneyMinded financial education program in partnership with community organisations. |
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| 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. |
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Achieved or on track to achieve
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Partially achieved or in progress
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Did not achieve