ANZ has released findings from its 2012 study into MoneyMinded, its flagship financial inclusion program, which found that 98 per cent of respondents in Fiji and Papua New Guinea said they felt better able to make ends meet and more comfortable about their future after going through the financial education program.
The report entitled "The reach and impact of MoneyMinded in the Asia Pacific 2010-2011", was undertaken by RMIT University and surveyed 171 MoneyMinded participants across Fiji, Papua New Guinea and Australia and measured their financial management behaviour before and after completing the program. The study reported that 74 per cent increased their monthly savings deposits and nearly all, 97 per cent, reported a greater capacity to make ends meet; nearly all, 93 per cent found that they were able to cut back on their spending as a result of the program; 95 per cent agreed or strongly agreed that since doing the program they were better able to cope with unexpected expenses and all participants felt they were better able to deal with financial problems now.
ANZ CEO Fiji, Norman Wilson said: With ANZs long history in Fiji, MoneyMinded Pacific aims to build financial knowledge, confidence and skills in the communities in which we operate.
As a leading financial institution we have a responsibility to the community to ensure were building financial resilience, capability and wellbeing. Our aim is to put 500 people through MoneyMinded each year so that we can continue to improve financial literacy levels and the inclusion of disadvantaged and vulnerable people, said Mr Wilson.
The MoneyMinded community program has been delivered with the help of the Reserve Bank of Fiji through its Microfinance Expos across the country since last year. In May, 90 participants braved the rain in Tailevu to attend MoneyMinded sessions at the Korovou Microfinance Expo.
ANZs Rural Banking team has since observed an increase in the number of people opening of new accounts.
The studys author, RMITs Professor Roslyn Russell, said: This years survey is one of the most comprehensive assessments weve undertaken into MoneyMinded since ANZ launched the program back in 2004.