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The Department of Families, Community Services and Indigenous Affairs (FaCSIA) will provide specialist knowledge about service delivery in remote Indigenous communities and has set up six pilot sites in the Northern Territory and Western Australia. At each site trained local indigenous people work side by side with individuals and families to offer coaching in financial literacy, budgeting, bill paying and developing savings plans.
ANZ has developed a range of programs to help improve the money management skills and levels of financial literacy of those most in need. We have provided tested financial literacy materials from MoneyMinded to inform the development of MoneyBusiness education resources. We have also shared our general expertise and knowledge in developing, implementing and maintaining financial literacy programs. ANZ is currently adapting Saver Plus (an award-winning financial literacy and matched savings program) for MoneyBusiness sites.
The partnership between ANZ and the Australian Government is a model for government and the corporate sector working together to do an important job, in this case supporting Indigenous families with money management.
Together, ANZ and FaCSIA will:
- Develop an Indigenous money management training materials package, to be used to train the workers in the six MoneyBusiness sites.
- Offer Saver Plus to eligible participants in some MoneyBusiness sites.
- Work with other Australian Government programs and the private sector to grow indigenous money management skills around Australia.
- Check what's working and what's not.
The key outcomes of the MoneyBusiness program will be:
- A comprehensive evaluation of the MoneyBusiness pilot conducted in six remote sites.
- An adaptation of Saver Plus for Indigenous families who are involved with MoneyBusiness.
- A national strategy for the delivery of MoneyBusiness financial literacy education program to Indigenous communities around Australia.
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