The 2019 MoneyMinded report, released today, found the program continued to support financially at-risk groups. In Australia, 67% of participants were female, 47% were unemployed, 47% were sole parents and 16% have Aboriginal or Torres Strait Islander heritage. In New Zealand and Asia Pacific, 63% of participants were female and 45% were unemployed.
For the first time the report measured the program’s impact on participants’ financial wellbeing and found that 100 per cent reported a significant improvement in that measure. Financial wellbeing was measured on participants’ ability to meet commitments, feel financially comfortable and their level of resilience.
Participants’ behaviours including, active saving, spending restraint, planning, budgeting and setting goals, were the most important factors of financial wellbeing, the research showed.
ANZ Chief Executive Officer Shayne Elliott said: “One of the best ways we can contribute to the community is by investing our expertise and resources to support people as they build their financial wellbeing,” Mr Elliott said.
“Each year I am pleased to see the ongoing impact of MoneyMinded. It’s a commitment we’ve made to people who may not necessarily be ANZ customers, or who might be facing particularly challenging circumstances where their financial wellbeing is not as high as it could be.”
ANZ has been delivering MoneyMinded for 17 years and has helped more than 667,000 people across Australia, New Zealand, Asia and the Pacific build knowledge, confidence and skills to make informed decisions and manage money. The program is tailored to each participant’s local cultural and economic environment.
- The increase in financial wellbeing reported by Australian participants was about 33%, reflecting a move from below the national average to just above average, and in the “Doing OK” category of financial wellbeing
- There was a more pronounced improvement of 132% in New Zealand participants. Upon completing MoneyMinded they reported moving to the “Doing OK” category and just above the national average
- Participants in Fiji demonstrated an 89% increase in financial wellbeing and those in Kiribati reported a 116% increase
- From 1 October 2018 to 30 September 2019, an estimated 87,577 people participated in MoneyMinded across Australia (63,978), New Zealand, Asia and the Pacific (23,599).