A lack of education can be the source of a lot of financial stress.
MONEY Minded, ANZ’s flagship adult financial education program that has helped 200,000 Australians build financial skills, knowledge and confidence, won the ‘Community’ award at this year’s MoneySmart Week Awards.
ANZ managing director retail distribution, Mark Hand said: “ANZ and our community partners have been delivering MoneyMinded in Australia for 10 years, and we’re pleased to again be recognised through the MoneySmart Week Awards for our ongoing work to improve Australians’ financial literacy.”
“Financial literacy enhances the well-being of people and their families, which supports wider economic growth. We invest more than $5 million a year in our financial education programs and independent evaluation of their effectiveness.”
RMIT University undertakes research on the impact of MoneyMinded in Australia each year. Its 2012 MoneyMinded Summary Report found:
• 93% of participants felt more in control of their finances and more than 80% felt less stressed about the future
• 91% of participants reported a greater capacity to make ends meet.
Dalal Sleiman, a married mother of four who came to Australia as a Chaldean refugee from Iraq, facilitates MoneyMinded workshops for the Chaldean Women’s Association and Arabic Speaking Women’s Group.
“One member of our group hadn’t seen her family in 10 years because she didn’t know how to save. She is now saving to visit them. I’m also benefitting from the program and we are now saving so we can pay off our house as quickly as possible,” she said.
MoneyMinded is delivered in partnership with The Benevolent Society, Berry Street, Mission Australia, Brotherhood of St Laurence, Kildonan UnitingCare, Anglicare SA and The Smith Family.
“Families with limited household resources need to ensure that they are not making choices relating to credit, loans or other financial arrangements which could potentially lead them into a spiral of debt and impact their limited financial resources,” Smith Family head of policy and programs Wendy Field said.
“Financial literacy enables our families to better understand and avoid the risks associated with key financial choices and life events.”