ANZ

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The About ANZ category contains the following sections:

Community

Leadership and knowledge building

ANZ is working closely with the financial services industry, educators, consumer and community groups and Government to create widespread awareness of financial literacy issues in Australia and the need for financial literacy education. Our work includes:

Ongoing research

ANZ’s survey into adult financial literacy was the first research of its kind in Australia. It provided valuable information on the size and nature of the financial literacy issue and identified areas for action. We intend to release the findings of our second Adult Financial Literacy Survey in the second half of 2005.

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The Commonwealth Government’s Consumer and Financial Literacy Taskforce

The Taskforce recommended the establishment of a national consumer and financial literacy body to coordinate the effort to improve Australian consumers’ ability to manage their money more effectively. The Australian Government has subsequently launched the Financial Literacy Foundation and John McFarlane is one of 10 members of the Foundation’s advisory board, which is chaired by leading financial commentator, Paul Clitheroe.

The Taskforce released a preliminary report in September 2004, which recommended the establishment of a national consumer and financial literacy body to coordinate the effort to improve Australian consumers’ ability to manage their money more effectively.

The Financial Literacy Foundation will focus on a number of activities, including a major campaign around Super Choice. It will also explore ways of introducing financial literacy education to schools as part of vocational training.

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United Nations Conference – "International Year of Microcredit" in August 2005

ANZ is a major sponsor of the United Nations conference which aims to raise awareness of microcredit’s potential to alleviate world poverty and to increase corporate sector involvement in addressing these issues. The conference will bring together leading experts in the area of microfinance from a range of government, private, business, community and NGO sectors. ANZ is sponsoring Dr Michael Sherraden, Professor of Social Development and Director of the Centre for Social Development, Washington University, USA – to visit Australia to speak at the conference. Dr Sherraden is regarded as a leader in the area of Community Development Finance and developed the concept of matched savings for low income earners.

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Briefings by Dr Michael Sherraden – Director of the Centre for Social Development at Washington University

ANZ hosted a series of briefings by Dr Michael Sherraden, a leading expert on policy and community innovations for the least advantaged in US society and founder (and Director) of the Centre for Social Development at Washington University.

Dr Sherraden is internationally recognised for his ground-breaking work on the power of asset-building policies in:

  • improving the stability of households and communities
  • producing better outcomes for children
  • promoting long-term social and economic development.

He founded the concept of Individual Development Accounts (IDAs) in the United States - special savings accounts designed to help low income people build assets through matched savings and financial education programs. Today, IDAs have emerged as among the most promising tools enabling low-income families to save, build assets and enter the financial mainstream.

In separate presentations to the United Nations’ International Year of Microcredit Conference 2005 and The Sydney Institute, Dr Sherraden outlined findings from his long-term research, which reveals that people on low-incomes can save, particularly with the help of financial education, the establishment of savings targets and facilities such as automatic deposits.

Dr Sherraden met with senior representatives of government to discuss social policy in Australia and the role of asset building in alleviating poverty and strengthening communities. He also participated in a number of workshops to review the impact, outcomes and way forward of ANZ’s Saver Plus matched savings and financial literacy program.

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Briefings by Personal Finance Education Groups' Ron Sandler

ANZ sponsored a briefing to the national Consumer and Financial Literacy Taskforce by Ron Sandler in May 2004.

Ron is Chairman of the Personal Finance Education Group (pfeg) in the UK - a registered charity whose goal is to promote and facilitate educating UK students about financial matters so they are able to make independent and informed decisions about their personal finances and long-term security.

Pfeg brings together teachers, government, consumer bodies, the Financial Services Authority and industry representatives.

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Briefings by UK financial literacy authority, Elaine Kempson

ANZ hosted a visit to Australia by Elaine Kempson, Social Policy Researcher in March 2004.

Elaine is the Professor of Personal Finance and Social Policy Research and the Director of the Personal Finance Research Centre at the University of Bristol. For the past 17 years she has undertaken research into various personal financial services and household money management issues, and has been involved in a number of Government initiatives and taskforces relating to consumer financial services.

While here, Elaine met with a range of Government, industry and consumer affairs representatives and provided the keynote address at a forum on the issue of financial capability for ANZ’s senior leadership team.

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