ANZ’s MoneyMinded online website was launched in 2014 and hosts a series of interactive learning activities designed to improve users’ money management skills. The need for the resource was identified through ANZ’s existing community partners – AnglicareSA, Berry Street, Brotherhood of St Laurence, Kildonan UnitingCare, The Benevolent Society and The Smith Family. They highlighted that there were groups unable to attend face-to-face MoneyMinded workshops for a variety of reasons: living too far away, being time-poor due to work or caring responsibilities, physical disabilities or feeling uncomfortable in a group learning environment.
A strategic review of ANZ’s approach to financial literacy and feedback from sustainability workshops conducted with a range of stakeholders (including customers, employees, investors and NGOs) also indicated significant need for money management education within the mainstream population.
As a result MoneyMinded Online was developed to complement the highly effective face-to face delivery of MoneyMinded by extending its geographical reach and providing convenient access to the program for groups who may find it difficult to attend workshops in person and are comfortable learning online.
The original MoneyMinded is a comprehensive suite of adult financial education resources, developed to support financial counsellors and community educators to build the financial skills, knowledge and confidence of participants.
The learning activities on the website are based on the MoneyMinded Basics course with each activity taking between 8-15 minutes to complete.
An initial evaluation of MoneyMinded online suggests it is as effective in developing financial capabilities in participants as the traditional face-to-face medium. Results included:
• 91 per cent of MoneyMinded online participants set a financial goal to achieve in the next 12 months compared to 47 per cent before the program
• Before the program, 27 per cent of participants found it very or extremely difficult to cover expenses and after only 3 per cent still found it difficult
• 16 per cent of MoneyMinded participants took out new insurance cover after the program and 20 per cent changed bank accounts to better suit their needs.