Our approach and performance
Research has shown that Indigenous people are among the most disadvantaged in Australia in terms of financial literacy and inclusion. Basic financial literacy skills are essential in enabling Indigenous people to manage their finances, access banking services and build confidence about money management.
In the last seven years, ANZ has worked with Indigenous communities and the Australian Government to develop innovative programs and initiatives to help build financial capability and money management skills of Indigenous people.
MoneyBusiness was developed to build the money management skills and confidence of Indigenous people and develop a stronger savings culture in remote communities. We developed MoneyBusiness in partnership with the Australian Government in 2005, following research which showed that financial exclusion was a significant problem among Indigenous communities.
MoneyBusiness brings together ANZ's knowledge and experience in financial literacy and the Australian Government's overview of service delivery in remote locations. The program was established in 2005 at six pilot sites in Katherine, Tennant Creek, Nguiu (Tiwi Islands) and Galiwinku (Elcho Island) in the Northern Territory, and Geraldton and Kununurra in Western Australia.
MoneyBusiness is delivered through organisations funded by the Australian Government under the Financial Management Program as well as through some of ANZ’s financial literacy partners. MoneyBusiness is now being delivered in over 215 communities in remote, regional and urban Australia.
ANZ and the Australian Government agreed to make MoneyBusiness available for delivery as:
- community education workshops; and/or
- an approved money management course.
Our main contribution to the MoneyBusiness partnership is the development and production of a comprehensive set of community workshop materials. These include facilitator guides, visual prompt cards, games and activities that have been designed to take into account particular issues facing Indigenous people, and do not contain references to specific products and services.
The materials were developed in consultation with local communities and Indigenous workers from pilot sites, who provided direction on the development of culturally appropriate materials that improve learning for people in remote locations. MoneyBusiness materials are jointly branded as being developed through a partnership with ANZ and the Government's 'Closing the Gap' initiative. Participant materials and teaching resources are unbranded and are delivered only by trained community workers.
MoneyBusiness is delivered by community organisations through Australian Government services and ANZ partnerships in over 215 communities across Australia. Under this model, together with our partners, we reach approximately 7,200 people each year in around 261 communities across Australia with MoneyBusiness.
More than 40 new facilitators were trained to deliver MoneyBusiness to participants in 2012. MoneyBusiness is delivered by community organisations through Australian Government services and ANZ partnerships in over 215 communities across Australia. Over 11,000 participants have been reached by MoneyBusiness in the last year, including MoneyMob Talkabout (mobile service) which has reached over 960 people with MoneyBusiness workshops and activities.
More than 300 facilitators were trained to deliver MoneyBusiness to participants in 2011, reflecting the large scale-up in government money management services and ANZ partnerships. MoneyBusiness is now delivered in over 215 communities across Australia. Over 9,000 participants have been reached by MoneyBusiness in the last year, including MoneyMob Talkabout (a mobile service funded by FaHCSIA) which has reached over 3,400 people with MoneyBusiness workshops and activities.
More than 180 facilitators were trained to deliver MoneyBusiness to participants in 2010, reflecting the large scale-up in government money management services and ANZ partnerships. MoneyBusiness is now delivered in over 160 communities across Australia.
|Case study: MoneyBusiness building confidence in Geraldton|
MoneyBusiness has helped many people get a better handle on their finances. In Geraldton (WA), this includes Karen, a 27 year old mother of five children, who was on a Centrelink pension and $4000 in debt when she approached the local MoneyBusiness team for support.
Karen worked with the MoneyBusiness team for six months, attending MoneyBusiness education sessions and working one-on-one with the workers. Karen got on top of her finances, paid off her debts, and is now saving to buy her own home. The MoneyBusiness team also provided consumer information to Karen to assist her to start up her own small craft business, which she now operates from home two days a week. Karen says ‘MoneyBusiness has changed her life’ and now brings other young mothers to the MoneyBusiness office to get them help in managing their money.