ANZ's financial education initiative, MoneyMinded, has reached over 725,000 participants across Australia, New Zealand, Asia, and the Pacific. The program aims to enhance financial knowledge and skills for informed decision-making.
The 2020 MoneyMinded Impact Report indicates that an estimated 58,015 individuals completed the program between 2019 and 2020. This figure includes 3,100 online participants, marking an increase of nearly 2,000 from the previous year.
The report suggests that online financial education provides outcomes comparable to in-person workshops. According to RMIT University findings, "4 in 5 (81%) MoneyMinded Online participants reported the program had a positive impact on their financial wellbeing."
Shayne Elliott, ANZ Chief Executive Officer, commented on the challenges posed by COVID-19: “We know that many in our community will be facing such hardship for the first time in their life and will not necessarily have the skills to get through this in the best possible shape. At the same time, COVID-19 has significantly impacted the delivery of MoneyMinded, where historically we have relied on face-to-face engagement.”
Elliott also emphasized adapting programs post-pandemic: “While it’s encouraging to see that participants who accessed the program online experienced similar positive outcomes as those who traditionally accessed the face-to-face program, we need to work closely with our community partners and facilitators to determine how we can adapt our programs post-COVID-19 without unintentionally excluding those who cannot easily access online modules. This is integral to our purpose of shaping a world where people and communities thrive.”
Key highlights from MoneyMinded include:
- More than 725,000 participants since its inception in 2002.
- From October 1st, 2019 to September 30th, 2020: approximately 58,015 participants across Australia (46,759) and other regions (11,256).
Outcomes for MoneyMinded Online (MMO) showed significant improvements:
- Meeting commitments: Increased ability reported by 70% of participants.
- Financial comfort: Improved ability noted by 72%.
- Financial resilience: Enhanced capacity cited by 92%.
- Saving and spending: Better saving ability seen in 82%.
- Planning and budgeting confidence rose among 86%.
- Goal setting behavior improved for 88%.
- Confidence in managing financial situations increased for 82%.
- Reduced financial stress was felt by 71%.
- Overall life confidence improved for 65%.
Participants also reported avoiding high-cost loans due to MMO's influence.
For further details or a full copy of the report visit www.anz.com/moneyminded.