Our approach

A fundamental purpose of our business is helping to build prosperity of people 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 the past decade has helped us to understand which groups in the community have 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:

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, MoneyBusiness 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 Strategic Review Executive Summary and ANZ's response are below.

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:

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

Saver Plus

Saver Plus is 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.

MoneyMinded

MoneyMinded is 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 counselors 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.

MoneyBusiness

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

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

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 savings habit, overall confidence and economic and social inclusion of those involved, with:

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. 

Our results

2014 highlights
  • In 2014, more than 36,500 Australians are estimated to have participated in MoneyMinded. This includes more than 9,900 participants in MoneyBusiness, a version of MoneyMinded for Indigenous Australians delivered in partnership with the Australian Government.
  • In 2014, more than 7,800 people outside Australia participated in MoneyMinded. We piloted MoneyMinded in China with students and Myanmar with government employees and local non-government organisations.
  • In July 2014 we launched MoneyMinded online. The MoneyMinded online program is made up of a series of interactive activities that are designed to improve money management skills.
  • More than 5,400 people were enrolled in Saver Plus in 2014. Evaluation by RMIT University shows the program has been successful in meeting its aims to support participants to improve money management skills and develop a savings habit.
  • Over the 10 years of Saver Plus operation, more than 14,000 people have completed the program, with 97 percent achieving or exceeding their savings goal. Based on the increased ability of participants to save, RMIT University estimates a social return on investment of $3.98 for every $1 invested in the program by the government.
  • We launched ANZ goMoney™ mobile phone banking in Papua New Guinea, the Solomon Islands, and Samoa in 2013 and Vanuatu in early 2014 to provide a convenient way for customers to do their banking. By end FY2014, 102,000 people had registered for ANZ goMoney™. Of these, more than 58,000 were new customers and many were previously unbanked.
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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