Our approach and performance

A fundamental purpose of our business is helping to build prosperity of individuals and communities in which we operate. We do this by providing products and services with simple fee structures  and clear information so our customers can make informed decisions about the management of their money.

A significant investment over a number of years has helped us to understand which are the groups in the community with low levels of financial capability, and to create innovative programs to help address this. Our programs are designed to promote financial inclusion and build the money management skills and savings of people on low incomes and from disadvantaged groups, including Indigenous communities. These programs benefit participants and the community as a whole, while also delivering long-term benefits to our business and our shareholders, such as:

• increasing awareness of ANZ’s expertise and leadership among key stakeholders in the business, government, regulator, education and community sectors, and strengthening our reputation as a good corporate citizen
• building a financially fit workforce, which enhances our ability to attract and retain quality staff, and helps us to improve our customer service
• helping us to become a trusted member of the community, developing products and services that respond to our customers’ needs, and reducing our exposure to risk.

An independent review of our Australian programs has confirmed we have met our original objectives of providing real social benefits to our community through the successful delivery of our programs MoneyMinded, Money Business and Saver Plus. We recognise there is still much to be done and we remain committed to continue building financial inclusion through developing the money management skills and savings habits of disadvantaged and lower-income groups. The Review Executive Summary and ANZ's response are below.

• Strategic review of ANZ's financial inclusion and capability programs and approach in Australia - Executive Summary (PDF 252kB)
• ANZ Response to Strategic Review of financial inclusion and approach in Australia (PDF 24kB)

About our flagship financial literacy programs

Our research tells us that, financial literacy is strongly associated with a person's age, gender, education and socio-economic characteristics. The lowest average levels of financial literacy are associated with:

• young people (under 25)
• people without tertiary education
• people whose main source of income is a government benefit or allowance, or who are in unskilled work
• people with household income under $25,000 per annum
• women, especially those over 70 years of age
• people who speak a language other than English at home
• people of Aboriginal or Torres Strait Islander descent.

Following this research, we have developed programs that aim to improve financial inclusion and capability of disadvantaged and vulnerable individual.

Saver Plus

A financial literacy and matched savings program which helps people on lower incomes to establish a long-term saving habit. The program was developed with the Brotherhood of St Laurence and is delivered in partnership with Berry Street, The Benevolent Society, The Smith Family and other local community agencies. The program is funded by ANZ and the Australian Government.

• Find out more about Saver Plus

MoneyMinded

A financial education program that builds people’s money management skills  and confidence so they can make informed decisions about the use and management of their money. The program is delivered by a network of financial counsellors and community educators in Australia, New Zealand, and across the Asia and Pacific region. Online versions of MoneyMinded workshops have been designed with assistance from the latest Web Content Accessibility Guidelines to enable access by individuals that are visually impaired.

• Find out more about MoneyMinded

MoneyBusiness

A program developed to build the money management skills and confidence of Indigenous Australians and develop a stronger savings culture in their communities, developed in partnership with the Australian Government and delivered in a number of locations by community agencies.

• Find out more about MoneyBusiness

Our programs are informed by community consultation, and delivered through partnerships with government and local community organisations including:

• Brotherhood of St Laurence
• The Smith Family
• The Benevolent Society
• Berry Street
• Mission Australia
• Anglicare SA
• Kildonan UnitingCare
• Commonwealth Government of Australia (Department of Families, Community Services, Housing and Indigenous Affairs)
• Financial Counselling Australia
• Solomon Group Education & Training Academy

Our partnership approach with the community and government sectors has been widely recognised as a successful model for cross-sector collaboration.
The effectiveness of our programs is independently assessed.

For example, research conducted by RMIT University (Australia) in 2012 shows Saver Plus has a lasting impact on building a long-term savings habit, overall confidence and economic and social inclusion of those involved, with:

• 87% of participants continuing to save at the same rate or more, up to three years after completing the program
• 85% of participants improving their ability to plan ahead and stay on top of things financially
• 76% being better able to make ends meet
• 81% encouraging other family members to save.

Our programs are backed by regular research into levels of adult financial literacy. We have commissioned and published research to understand financial exclusion and causes of financial difficulty. 

2013 targets

Each year we set public targets and report progress on a business-wide program of work to improve financial capability, one of the most important issues and opportunities for our industry.

For 2013, these targets are:

• Increase reach of Australia’s largest financial education and savings program, MoneyMinded, by a further 40,000 participants.
• Enrol at least 4,750 people in our Saver Plus program in Australia to achieve our 2014 target of 14,250.

Our results

2012 highlights

2012 highlights We have extended the reach of our MoneyMinded program across our Asia Pacific region: Around 200,000 people have participated in MoneyMinded since it commenced ten years ago, including more than 40,000 in 2012. This includes: MoneyMinded/Saver Plus partners and financial counsellors in Australia reached over 34,900 participants. MoneyMinded in Asia Pacific reached around 5,190 participants. MoneyMinded online received 22,629 visitors. More people have benefited from our Saver Plus program: Around 16,000 people joined Saver Plus. Participants saved around $5 million for education expenses, and received around $6 million in matched savings from ANZ. Our community partners received Australian Government funding in 2011, enabling them to expand the reach of our matched savings program, Saver Plus, to an additional 14,250 people (through sites in every State and Territory in Australia) over three years. Read more information about our 2012 progress (PDF 1.44MB)

2011 highlights

2011 highlights We are extending the reach of our Saver Plus program: More than 10,000 people have joined Saver Plus since the program launched in 2003. Participants have saved over $4 million for education expenses, and have received around $5 million in matched savings from ANZ. Our community partners received a $26.5 million Australian Government grant, which enables them to expand the reach of our flagship matched savings program, Saver Plus, to an additional 20,000 people (through sites in every state and territory in Australia) over the next 4 years. We are extending the reach of our MoneyMinded program across our region: Around 160,000 people have participated in MoneyMinded since it commenced in 2003, including more than 32,000 in 2011. This includes: MoneyMinded/Saver Plus partners and financial counsellors in Australia reached over 18,300 participants. MoneyMinded in Asia Pacific (including pilots in Fiji, American Samoa, Cook Islands, PNG and Hong Kong) reached around 2,800 participants. MoneyBusiness (adapted for use in Indigenous communities) reached 9,980 participants in 215 Australian communities, 980 people completed online MoneyMinded courses. We are improving access to small loans for low-income earners: Since the Progress Loan program was launched in 2006, more than 1,800 small loans have been written for approximately $5.5 million. Average loan size is $2,952 and loans are used for the purchase of household goods such as whitegoods and second hand cars.

 

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