Report: Bank’s education program improves financial wellbeing
AN independent impact evaluation report of MoneyMinded, ANZ’s financial inclusion program, has found the program significantly strengthened participants’ financial knowledge, skills and capabilities.
According to the study conducted by Australia’s RMIT University, 96 per cent of the respondents reported the MoneyMinded program had improved their financial wellbeing — meaning their ability to meet financial commitments, feel financially comfortable and cope with unexpected expenses.
Speaking during the report launch in Suva yesterday, ANZ Fiji country head Saud Minam said the program supported the Fijian Government and Reserve Bank of Fiji’s National Financial Inclusion Taskforce to improve financial inclusion rates and financial capabilities of Fijians.
“We will continue to support financial literacy because we know that investing our efforts in this area is important. With careful budgeting, planning and the practical life skills that MoneyMinded offers, we can contribute to positive changes in peoples’ lives,” Mr Minam said.
“Around 12,000 people in Fiji have taken part in MoneyMinded training since 2010, helping Fijians develop money skills, knowledge and confidence.”
The program is usually conducted as a one-day workshop with topics such as planning for the future, making money last until pay day, needs and wants, budgeting, assertiveness and learning to say “no”, and participants are encouraged to commit to action after the workshop, according to the report.
Last year, 3284 people in Fiji completed the program, with 78 per cent male and 22 per cent female participants. The report highlighted this was the reverse situation for the gender breakdown of the program in Australia where 71 per cent of participants were women and 29 per cent were men.
According to the report, the MoneyMinded program was targeted at men who were seasonal workers and other industries connected with the Fiji National Provident Fund, with 55 per cent of the participants recruited through FNPF.
RMIT independent researcher Marica Tabualevu said 101 participants — 81 per cent female and 19 per cent male — from different parts of Viti Levu and Vanua Levu were included in the impact evaluation study through focus group discussions and individual interviews.
Ms Tabualevu said participants’ behaviour towards savings had changed, and people were now saving for a purpose.
“There has been an improvement in their financial wellbeing. The Moneyminded program has added value and had a tremendous impact on the lives of the participants. Whether they have been 45, 60 or 23 years old; with less than $5000 or more than $40,000 income; manager in an office in the city of Suva, farmer in a village in Savusavu, seasonal worker in New Zealand or an entrepreneur in the West; the message has been consistent — Moneyminded has changed their lives, made them less stressed and more confident to plan for their future.”
Some key findings from the study include:
■ 94 per cent of respondents said they were able to make ends meet compared with 28 per cent before the program;
■ 63 per cent of respondents had leftover money after paying for necessities compared with 20 per cent before the program;
■ 52 per cent of respondents had savings for unexpected expenses compared with 12 per cent before the program; and
■ 94 per cent of respondents reported a savings habit compared with 54 per cent before the program.