FLA congratulates winners of 2017 Financial Literacy Australia Awards. They are inspirational examples of different ways to advance financial literacy.
- Large Program – ANZ – MoneyBusiness
- Small Program – Student Services, Griffith University – Budgeting 101 workshops
- Small Program – Alesco Senior College – financial literacy program
- Targeted Program – The Smith Family – Certificate 1 in Financial Services
- Research/Evaluation – Good Shepherd Microfinance – Pathways to Resilience research
- Research/Evaluation – Good Shepherd Australia/NZ – Firmer Foundations evaluation
- Resource/Communications – Wingate Avenue Community Centre – ‘Developing Financial Literacy’ resource
- Resource/ Communications – Wire Women’s Information – Women Talk Money
- Contribution to Financial Literacy – Zoe Lamont from 10thousandgirl
There were no 2016 Awards, due to timing change.
Outline of each winner
Large program – ANZ – MoneyBusiness
MoneyBusiness is an adult financial education program to build the money management skills and confidence of Indigenous people in remote communities.
It provides coaching in financial literacy, budgeting, bill paying and developing savings plans. Since 2005, MoneyBusiness has reached 33,000 people in 320 communities.
Small program – Student Services, Griffith University – Budgeting 101 workshops
The Student Services office at Griffith Uni runs 90 minute budgeting workshops to improve financial management skills for 300 students each year. Students get a $50 book voucher if they complete a personal budget. An evaluation study showed that over 90% of participants showed an increase in knowledge and confidence. This addresses a real need, as about 80% of Griffith students experience financial challenges.
Small program – Alesco Senior College – financial literacy program
Alesco Senior College is a small independent school that supports vulnerable young people across 4 campuses in the Newcastle region.
All students are involved in the financial literacy program. Students sell products to the public and are responsible for the day-to-day organisation of a small venture. Ventures include a café, a mobile café, a BBQ venture and a candle-making business. The ventures give students experience in ‘working life’ as well as knowledge on banking, budgeting and cash management.
Targeted program – The Smith Family – Certificate 1 in Financial Services
The Smith Family runs the Certificate 1 – Financial Services course in high schools located in disadvantaged communities. It leads to improvements in young people’s knowledge, attitudes and money management behaviours. Each year it reaches about 1,000 students in Years 9 to 11. Their evaluation survey shows that 80-90% of participants show increases in financial knowledge and confidence, even 3 months later.
Research/Evaluation – Good Shepherd Microfinance – Pathways to Resilience research
This research looked at how the financial conversations between microfinance workers and No Interest Loan Scheme (NILS) applicants improve their financial capability. The research revealed which parts of the conversation had the most impact. This lead to GSM improving its staff training to get the most benefit. The study also found that the benefit wears off over time, suggesting new strategies are needed to sustain the improved capability.
Research/Evaluation – Good Shepherd Australia/NZ – Firmer Foundations evaluation
The Firmer Foundations program aims to increase women’s financial literacy, in order to minimise their vulnerability to economic abuse and other forms of family violence. The program incorporated an independent evaluation from early days, and the evaluation report covers three years of operation. The evaluation found there were clear financial skills, knowledge and behaviour outcomes for many clients. For example, 80% of women now feel they have the confidence to take the action they need to take.
Resource/Communications – Wingate Avenue Community Centre – ‘Developing Financial Literacy’ resource
Wingate Avenue Community Centre designed and delivered a financial literacy program to local residents in the inner suburbs of Melbourne. Wingate developed targeted resources and delivery methods specifically for clients who are recent migrants, with low literacy and little English, and implemented these through English classes and one-off community forums. These resources are available as a Financial Literacy education kit that includes electronic, film and paper-based resources to change ongoing knowledge and behaviour.
Resource/ Communications – Wire Women’s Information – Women Talk Money
Women Talk Money is an interactive, online resource to assist women establish and maintain more equal and respectful financial partnerships. The website tackles many of the gender stereotypes that can inhibit intimate relationships being financially equal. The website provides tips and tools to assist women become more involved in joint financial decision making and start a financial conversation with their partner. In the first 3 months, more than 6,0000 people visited the site.
Zoe Lamont started running informal money chats with female friends in Sydney pubs in 2009. These chats inspired Zoe to found 10thousandgirl to increase financial literacy in women across Australia, especially in regional areas. Lead by Zoe’s enthusiasm and passion, 10thousandgirl has run workshops for over 10,000 women across the country.