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Community

ANZ's response to the financial literacy research

Raising financial literacy levels is a long-term endeavour and one that ANZ committed to in 2002 when we initiated Australia's first national study.

Following the release in October 2008 of our third study, we will continue to honour our commitment to foster awareness, understanding and action by:

  • Focusing on making our products simple to understand and ensuring that they are offered to our customers in a transparent and responsible manner

  • Looking at ways to improve the financial literacy levels of our staff. Having financially confident staff is also important, not only for their own wellbeing but also in how they are able to serve and advise our customers

  • Investigating ways to make our partnership community programs like SaverPlus, MoneyMinded and MoneyBusiness, more accessible for vulnerable people

SaverPlus: In partnership with the Brotherhood of St Laurence, we have developed a licence approach to enable delivery and funding agencies to run the program in more communities across Australia. State and Federal governments have also expressed interest in the program and its outcomes.

MoneyMinded and MoneyBusiness: We are reviewing these programs to ensure national training and quality standards are upheld and an efficient funding model is available to community agencies who are best placed to reach target communities around Australia. We are also offering a new accredited course based on MoneyMinded – Certificate 1 in Financial Services (Financial Literacy) – through The Smith Family. ANZ will seek to promote this through its other partnerships.

Our response in 2005

In 2005, ANZ used the results of the financial literacy research studies to improve our own operations, business practices and to enhance its existing financial literacy programs. In the past three years, $3 million has been spent on programs to help improve financial literacy and inclusion, particularly among the most vulnerable sections of the community.

Our financial literacy commitments have included:

  • Updating the research in 2008 to provide an ongoing measurement of financial literacy.

  • Integrating the learnings from the survey into our business operations. This included our responsible lending code; initiatives to improve overall communication with customers and training for contact centre staff to assist customers who may need assistance to better manage credit.

  • Continuing to invest in community programs in partnership with community organisations aimed at improving financial literacy, particularly among the most vulnerable and disadvantaged groups in society.